September 18, 2019 / 7:46 AM / a month ago

UPDATE 1-OTE Telecom raises 500 mln euros with its cheapest bond yet

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ATHENS, Sept 18 (Reuters) - Greece’s biggest telecoms operator OTE has raised 500 million euros ($553 million) from debt markets with a new seven-year bond, it said on Wednesday.

OTE, which is 45% owned and managed by Germany’s Deutsche Telekom, said the annual fixed coupon was set at 0.875%, the lowest the group has ever achieved.

Deutsche Telekom bought 20% of the issue, which was strongly oversubscribed.

“With the successful bond issuance we refinance part of our debt at very favourable terms and reduce substantially our financial costs,” OTE finance chief Babis Mazarakis said in a statement.

BNP Paribas and Goldman Sachs International were lead managers of the deal. ($1 = 0.9044 euros) (Reporting by Angeliki Koutantou Editing by David Goodman)

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