The note issue was oversubscribed by around five times, and the coupon set at 2,375% pa, the lowest OTE bond coupon in nearly a decade.
Commenting on the development, Babis Mazarakis, OTE Group’s CFO, said: “This successful bond issue is a vote of confidence by the international capital markets to the prospects of Greek Economy and OTE. The demand for the new bond and the coupon, the lowest OTE bond coupon in the last decade, is an acknowledgement and support of our strategy. Improving customer experience is the driving force behind our actions. We achieve this by having solid economic fundamentals, developing the telecommunications infrastructure of the country and designing advanced services for our customers. Technology and innovation are the vehicles for us to create a better world for all.”
Since the beginning of 2018, OTE has reduced its debt by €0.5 billion. In parallel, its net debt has been reduced by 83% in recent years, from €4.3 billion in 2010 to €0.7 billion today.
Deutsche Bank and Morgan Stanley have acted as joint bookrunners / lead managers of the bond issue, with Alpha Bank, Eurobank Ergasias, National Bank of Greece and Piraeus Bank acting as co- managers.