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Jul 2014

Bernitsas Law advises on OTE PLC 2014 notes offering

Bernitsas Law advised Deutsche Bank, Morgan Stanley and the Co-Managers in connection with the issue and sale by OTE PLC €700m 3.50% Notes due 2020, pursuant to its €6.5bn Euro Medium Term Note Programme guaranteed by the Hellenic Telecommunications Organization (OTE).

OTE PLC made a tender offer to the holders of its outstanding c.€787m 7.25% notes due 2015 and €900m 4.625% notes due 2016, to tender their notes for purchase by OTE PLC, and OTE PLC issued and sold €700m 3.50% notes due 2020 guaranteed by OTE to finance a portion of the above tender offer. The transaction was effectively a liability management exercise of the OTE group and permitted the re-profiling of OTE group’s indebtedness and was expected to result in reduced annual financing costs.

Nikos Papachristopoulos led the Bernitsas Law team.