OTE Secures €900M Banks Loan

Hellenic Telecommunications Organization(OTE) has acquired a €900 million syndicated revolving credit facility,The Wall Street Journalreports. The two-year loan has been provided by a syndicate of 16 local and international banks, includingEFG Eurobank Ergasias,Barclays Bank,Morgan Stanley Bank,Bank of America Merrill Lynch,BNP Paribas,Citibank InteandDeutsche Bank Luxembourg.

EFG Eurobank Ergasias was the global coordinating arranger of the credit facility. OTE is planning to withdraw about €600 million to repay a €1.5 billion bond due on Feb. 14, 2011, while the remaining €300 million will be an available undrawn backstop line.

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