July 12, 2018 / 8:31 AM / a year ago

OTE raises 400 mln euros from bond issue after strong demand

ATHENS, July 12 (Reuters) - OΤΕ, Greece’s biggest telecoms operator, said it raised 400 million euros ($467 million) from a four-year bond issue.

It completed the note issue on Wednesday via a bookbuilding process and said it was oversubscribed by about five times. The coupon was set at 2.375 percent, the lowest that OTE has achieved in the last decade, it said in a statement on Thursday.

OTE, which is 45 percent owned and managed by Deutsche Telekom, has net debt of 700 million euros.

The company said it will use the proceeds to refinance part of its future debt maturities and a planned 2 billion euro investment in new generation networks.

Deutsche Bank and Morgan Stanley were the lead managers. ($1 = 0.8559 euros) (Reporting by Angeliki Koutantou; Editing by Susan Fenton)

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