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Dec 2015

Bernitsas Law advises on Hellenic Telecommunications Organisation notes offering

Bernitsas Law advised Citigroup, Deutsche Bank, HSBC Bank and the Co-Managers in connection with the issue and sale by OTE PLC of €350m 4.375% Notes due 2019, pursuant to its €6.5bn Euro Medium Term Note Programme guaranteed by the Hellenic Telecommunications Organization (OTE).

OTE PLC made invitations to holders of its outstanding €900m 4.625 % Notes due 2016 and €7bn 7.875% Notes due 2018 to tender their Notes for partial repurchase for cash, and issued and sold €350m 4.375% Notes due 2019, pursuant to its €6.5bn Euro Medium Term Note Programme guaranteed by OTE.

These were among the first cross-border transactions involving a Greek group following the effective closure of the international debt markers to issuers related to Greece in the first half of 2015 and enabled the OTE group to reduce and reprofile its debt obligations.

The OTE Group is Greece’s largest telecommunications provider and operates through subsidiaries in South Eastern Europe. OTE is listed on the Athens Exchange. Deutsche Telekom owns 40% of OTE’s share capital with the Greek State and the Hellenic Republic Asset Development Fund holding 5% each.

The Bernitsas Law team was led by Nikos Papachristopoulos.