Greek telco OTE has secured a EUR339 million (USD384 million) syndicated loan from the European Bank for Reconstruction and Development (EBRD) to support its investment plans. The Mandated Lead Arranger on the loan was the National Bank of Greece, while the Lead Arrangers were HSBC Bank and Hellenic Bank. BNP Paribas, Nomura International, Alpha Bank Albania, Piraeus Bank and Cordiant participated as Arrangers. Meanwhile, the Black Sea Trade and Development Bank (BSTDB) will provide an additional EUR50 million of financing on a parallel basis.
The funding will be used to finance a number of strategic initiatives in Greece, including the development of next-generation networks and IP networks, as well as other new products and services. OTE Group Chairman and CEO Michael Tsamaz commented: ‘For the next four years, we are implementing an ambitious EUR1.3 billion investment plan. Our country needs networks and telecommunications of a high standard to return to a growth track. Our cooperation with the EBRD and BSTDB highlights the developmental aspect of our investment plan, while their presence in Greece can further ignite potential in other sectors of the economy.’