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OTE buys back 240.1 million 4 5/8%, 50 million 7 7/8% bonds in offer
By Susanna Moon
Chicago, Nov. 30 Hellenic Telecommunications Organization SA, also known as OTE SA, said investors had tendered 81,543,000 of its 7 7/8% bonds due February 2018 in the offer that ended at 11 a.m. ET on Nov. 27.
Holders also had tendered 131.2 million of its 4 5/8% bonds due May 2016 under priority allocation instructions and 108.9 million of the 2016 notes under the tender only instructions, according to a company notice.
For the 2016 bonds, holders who subscribed to the companys new bond issue were to receive acceptance priority in the tender offer, as previously noted.
The company said it expects to accept tenders for 240.1 million, or all, of the tendered 2016 notes and 50 million of the 2018 notes using a scaling factor of about 63.71%.
After settlement on Dec. 1, the outstanding principal amount will be 389.4 million for the 2016 bonds and 650 million for the 2018 bonds.
OTE said on Nov. 23 that it was offering to purchase up to 250 million of the 629.45 million outstanding 900 million 4 5/8% bonds and up to 50 million of the 700 million 7 7/8% bonds.
The 2016 bonds will be repurchased at 101.5% of par, as previously announced.
For the 2018 bonds, the purchase price was set at 109.408 on Nov. 30 using a spread of 350 basis points over mid-swaps.
Holders also will receive accrued interest.
Hellenic previously said it plans to issue at least 300 million of euro-denominated notes to institutional investors, and the tender offer was conditioned on pricing of the new issue.
Deutsche Bank AG, London Branch (+44 20 7545 8011 or liability.management@db.com), Citigroup Global Markets Ltd. (+44 20 7986 8969 or liabilitymanagement.europe@citi.com) and HSBC Bank plc (+44 20 7992 6237 or liability.management@hsbcib.com) are dealer managers for the tender offer with Deutsche as structuring agent. Lucid Issuer Services Ltd. (+44 20 7704 0880 or ote@lucid-is.com) is tender agent.
Hellenic Telecommunications, or OTE SA, is an Athens, Greece-based provider of fixed and mobile communications in Greece, Romania and Albania.
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