By Paul A. Harris
Portland, Ore., July 7 – Greek telecommunications provider OTE plc priced an upsized €700 million issue of 3˝% six-year senior notes (confirmed B2/expected BB-) at a 280 basis points spread to mid-swaps on Monday, according to a market source.
The deal was upsized from €500 million.
The spread came on top of spread talk that was revised from earlier talk of 290 bps to 300 bps.
The notes sold at 99.284 to yield 3.635%.
Deutsche Bank and Morgan Stanley managed the sale.
The Maroussi, Greece-based company, also known as Hellenic Telecommunications Organization SA, plans to use the proceeds to fund tenders for its bonds maturing in February 2015 and in May 2016.
| Issuer: | OTE plc (Hellenic Telecommunications Organization SA)
|
| Amount: | €700 million, increased from €500 million
|
| Maturity: | July 9, 2020
|
| Securities: | Senior notes
|
| Bookrunners: | Deutsche Bank, Morgan Stanley
|
| Coupon: | 3˝%
|
| Price: | 99.284
|
| Yield: | 3.635%
|
| Spread: | 280 bps over mid-swaps
|
| Trade date: | July 7
|
| Settlement date: | July 10
|
| Ratings: | Moody's: B2
|
| Standard & Poor's: expected BB-
|
| Format: | Medium-term notes program
|
| Price talk: | Mid-swaps plus 280 bps, revised from 290 bps to 300 bps
|
| Marketing: | Pre-marketed
|
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