OTE S.A. signed a Euro 900mn RCF Syndicated Loan Facility with 16 banks, of which eight are domestic and eight international ones.
The proceeds of the Facility will be used for OTE’s Group Refinancing and General Corporate purposes.
Eurobank EFG, solely and exclusively mandated to arrange this transaction (Mandated Global Co-ordinator and Bookrunner), has launched the syndication at Euro 400mn and achieved a heavy oversubscription for Euro 1.075bn from a well-balanced syndicate of domestic and international banks with OTE finally raising a considerably higher sum.
ALPHA BANK, HSBC ΒΑΝΚ, TT HELLENIC POSTBANK, BARCLAYS BANK, EMPORIKI BANK OF GREECE, INTESA SANPAOLO, MORGAN STANLEY BANK INTERNATIONAL LIMITED joined as Bookrunners.
NATIONAL BANK OF GREECE, BANK OF AMERICA MERRILL LYNCH, BANK OF CYPRUS, BNP PARIBAS, CITIBANK INTERNATIONAL PLC, DEUTSCHE BANK LUXEMBOURG joined as Mandated Lead Arrangers and
ATTICA BANK and MARFIN EGNATIA BANK as Lead Arrangers.
The transaction, represents the largest ever Syndicated Revolving Credit Facility for any Greek Corporate, demonstrating OTE’s strong profile as a top quality borrower and the strong placement capabilities of the Greek banks in the international capital markets despite current domestic conditions.
Moreover, the transaction is a positive sign for a gradual return to normal in the Greek economy as 50% of the Facility was covered by international banks. This is a remarkable evolution under the current difficult conditions and a positive step for Greek corporations to regain access to international savings.
The Facility has a 2 year tenor and OTE is currently rated Baa2 by Moodys and BBB- by S&P.