Emma Delta sells 400 mln euro bonds to fund OPAP purchase

Tue Oct 1, 2013 1:25pm EDT

* 4-year notes carry interest of 8.5 pct and 12 pct

* OPAP sale set for Oct. 11

ATHENS Oct 1 (Reuters) - Czech-Greek fund Emma Delta, the buyer of a majority stake in Greece's gambling monopoly OPAP , said on Tuesday it raised 400 million euros ($541.02 million) via a private placement of senior secured notes to finance part of the purchase.

Emma Delta, an equity fund controlled by Czech investor Jiri Smejc and Greek businessman George Melissanidis, agreed in May to buy 33 percent of OPAP, one of Europe's biggest listed betting firms, for 652 million euros ($879.71 million).

Emma Delta offered investors two series of notes due 2017, issued by its subsidiary Emma Delta Finance.

The first series, worth 250 million euros, bears an interest rate of 8.5 percent and the second series of over 150 million euros has an interest rate of 12 percent, the fund said.

Jefferies acted as the sole book-running manager and placement agent.

The OPAP sale is Greece's first major privatisation and an important step in meeting a 1.6 billion euro proceeds target for 2013 under the terms of its international bailout. The deal is expected to close on October 11, Emma Delta said.

"We are delighted that the placement has gone through swiftly and smoothly and look forward to opening a new chapter in the history of OPAP," Smejc said.

($1 = 0.7393 euros) (Reporting by Harry Papachristou. Editing by Jane Merriman)

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