By Paul A. Harris
Portland, Ore., Sept. 17 – Greek telecom OTE plc priced a €500 million issue of 7/8% seven-year senior notes (S&P: expected BB+) at a 125 basis points spread to mid-swaps on Tuesday, according to a market source.
The spread came well inside of the mid-swaps plus 165 bps initial talk.
Bookrunner Goldman Sachs will bill and deliver. BNP Paribas was also a bookrunner.
Proceeds will be used for general corporate purposes.
| Issuer: | OTE plc
|
| Amount: | €500 million
|
| Maturity: | Sept. 24, 2026
|
| Securities: | Senior notes
|
| Bookrunners: | Goldman Sachs (bill and deliver) and BNP Paribas
|
| Co-managers: | Alpha Bank, Eurobank Ergasias, National Bank of Greece and Piraeus Bank
|
| Coupon: | 7/8%
|
| Price: | 99.233
|
| Spread: | Mid-swaps plus 125 bps
|
| Trade date: | Sept. 17
|
| Settlement date: | Sept. 24
|
| Expected rating: | S&P: BB+
|
| Price talk: | Mid-swaps plus 165 bps
|
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