By Paul A. Harris
Portland, Ore., July 12 – Greek telecom OTE plc priced an upsized €400 million issue of 2 3/8% four-year senior notes on Thursday at 99.718 to yield 2.45%, according to market sources.
The issue size was increased from €350 million.
The yield printed 5 basis points beneath the tight end of the 2½% to 2 5/8% yield talk. Initial talk was 2¾%.
The deal was approximately five-times oversubscribed, according to a company press release, which also stated that the 2 3/8% coupon was OTE's lowest in the past decade.
Deutsche Bank and Morgan Stanley managed the sale.
| Issuer: | OTE plc
|
| Amount: | €400 million, increased from €350 million
|
| Tenor: | Four years
|
| Securities: | Senior notes
|
| Bookrunners: | Deutsche Bank and Morgan Stanley
|
| Coupon: | 2 3/8%
|
| Price: | 99.718
|
| Yield: | 2.45%
|
| Trade date: | July 12
|
| Settlement date: | July 18
|
| Price talk: | 2½% to 2 5/8%
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
