The Hellenic Telecommunications Organization SA (OTE SA) announces that, it signed an agreement for a 900 million Euros Revolving Credit Ordinary Bond Loan facility with a consortium of 8 Greek and 8 International Banks. The Bond Loan will have a tenor of two years, with an extension option of one year and it carries an interest rate of Euribor plus an initial margin of 500 bps. OTE intends to draw initially an amount of only 600 million Euros, in order to repay the bond of 1.5 billion Euros issued in February 2008 and maturing on February 14th 2011. The remaining amount of 300 million Euros will be maintained by OTE Group as available undrawn backstop line.
The Chairman and CEO of OTE, Mr. Michael Tsamaz noted: "The significant demand generated for our syndicated credit facility, exceeding one billion euros, is an expression of the confidence the markets have in OTE?s ability to withstand the pressures it faces in its operating and economic environment. OTE's continued access to external financing proves that the Group can continue to fund itself on a stand-alone basis, while at the same time shows the belief of the markets in high caliber Greek corporates".
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