ATHENS Jan 30 Greece's biggest telecoms company
OTE said on Wednesday it sold 700 million euros ($950
million) of new bonds, in a sign of debt markets gradually
opening for the cash-strapped country's firms.
OTE's five-year bonds will pay a fixed coupon of 7.875
percent. The company said earlier this week the fresh debt would
help fund a planned buyback of bonds maturing in 2013 and 2014,
which pay a coupon of about 5 and 7.25 percent respectively.
OTE is the latest Greek firm to announce it is refinancing
debt as conditions improve after Athens secured fresh bailout
funds from the European Union and the International Monetary
Fund. This allows OTE to push back debt repayments further into
the future when the country's economy may have emerged from
With about 1.8 billion euros of debt maturing early next
year amid a deep austerity in its two biggest markets, Greece
and Romania, OTE has declared cost cuts and debt reduction as a
major goal. It plans to sell its satellite unit HellasSat and
its Bulgarian cell phone subsidiary Globul later this year to
reduce its borrowings.
OTE is 40-percent owned and managed by Germany's Deutsche
($1 = 0.7370 euros)
(Reporting by Harry Papachristou; Editing by David Holmes and