Hellenic Telecommunications plans to tender for bonds due 2013, 2014

By Susanna Moon

Chicago, Jan. 29 - Hellenic Telecommunications Organization SA said it plans tender offers to purchase its bonds due August 2013 at par and its bonds due April 2014 at 102.

The tender offer will be conditioned on the issue of five-year eurobonds.

The company said on Jan. 16 that its subsidiary OTE plc planned to exchange €187 million of notes due August 2013 for an add-on issue of €187.7 million 7¼% notes due February 2015.

The new notes will be listed on the Luxembourg Stock Exchange and will be consolidated with the existing €600 million notes issued in February 2008 and due in February 2015 with the current coupon of 7¼%, according to a previous press release.

The repurchased notes due August 2013 will be canceled.

Hellenic is an Athens-based telecommunications company.

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