ATHENS Aug 1 Greek gaming systems provider
Intralot plans to issue a 300 million-euro bond to
refinance outstanding debt and loans, the company said on
A long-standing technology provider for the country's
profitable sports gambling monopoly OPAP, Intralot had put off
plans to tap the market in the last couple of months, citing
volatile market conditions.
It secured a new, profitable five-year IT contract with OPAP
in June. An OPAP-led consortium - in which the firm is a
minority shareholder - also signed a 12-year contract this week
to run Greece's state lotteries.
Intralot said it would use the proceeds from the bond, due
in 2018, to buy back 140 million euros ($186 million) in
convertible bonds maturing in 2013 and refinance part of its
Fitch rates Intralot with B+ and had warned it would place
it on Rating Watch Negative if the company failed to raise at
least 150 million euros in new funding.
Greece is staying afloat on funds from the European Union
and the International Monetary Fund and has been shut out of
debt markets since a debt crisis broke out in 2009.
But after the cash-strapped country secured new rescue loans
from its international lenders last year, the markets are
gradually re-opening to Greek companies.
Greece's telecoms company OTE raised 700 million
euros of new bonds in January, while commercial cooler maker
Frigoglass issued a 250 million euro bond in May.
($1 = 0.7531 euros)
(Reporting by Angeliki Koutantou; editing by Tom Pfeiffer)