Hellenic Telecommunications to sell four-year bonds for tender offers

By Paul Deckelman

New York, Nov. 23 – The Hellenic Telecommunications Organization SA plans to issue a minimum of €300 million of four-year fixed-rate bonds, the company said in a news release Monday.

The timing on the planned note issue has not been announced but the offering is being conducted in conjunction with a tender offer that ends on Nov. 27 and is expected to settle on Dec. 1. On Nov. 30, Hellenic Telecommunications will announce whether the financing condition for the tender offer has been met.

Investment banks handling the prospective issue are not known at this time. Deutsche Bank AG, London Branch, Citigroup Global Markets Ltd. and HSBC Bank plc are dealer managers for the tender offer with Deutsche as structuring agent.

The company, also known as OTE SA, will issue the new bonds via its OTE plc unit, under the latter entity’s global medium-term note program.

The Athens-based telecommunications company, which provides fixed-line phone service – voice, broadband, data and leased lines – as well as pay TV, ICT services and mobile telephony services in Greece and Romania and mobile telephony services in Albania, plans to use the proceeds from the notes to fund a simultaneously announced tender offer for the existing OTE plc bonds maturing in May 2016 and February 2018.

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