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  • OTEGroup
    • Vision & Strategy
    • Timeline
    • Our People
    • Integrated Management System
    • Research & Innovation
    • IT Innovation Center
    • Suppliers
    • Corporate Governance
    • Sponsorships
  • ΟΤΕ SA
    • Board of Directors
    • Management Team 
    • Organisational Structure
  • COSMOTE S.A.
    • Board of Directrors
    • Management Team
    • Organisational Structure
  • Subsidiaries
  • Profile
  • Share
    • Share quotes
    • Share Buybacks
    • Dividends
    • Analyst Covarage
    • Retail Investors
  • Financial Results
    • Financial Statements OTE Group & OTE SA
    • Financial Statements of OTE Group Companies
  • Publications
    • Annual Reports
    • Corporate Governance Reports
    • Annual Financial Reports
    • SEC Filings
    • Presentations - Conferences
    • Presentations - Roadshows
  • Debt Info
    • Loans
    • Bonds
    • Credit Ratings
  • Corporate Governance
    • Board of Directors
    • General Assemplies of Shareholders
    • Transparency and Information Disclosure
    • Management Team
  • Newsroom
  • Investor Calendar
  • Contact
  • Homepage
  • Find out more about us
  • Life at OTE
  • Join our team
  • Your development
  • What we offer
  • Approach and Highlights
    • Sustainability Governance
    • Stakeholder Dialogue
    • Performance and Impact Measurement
    • Materiality Analysis
    • SRI Indices and Ratings
    • Contribution to UN SDGs
  • Environment
    • Energy & Climate Change
    • Circular Economy
    • Electromagnetic Fields
    • Environmental Awareness Actions
    • Environmental Performance Indicators
  • Society
    • Customers
    • Employees
    • Social Commitment
  • Governance
    • Compliance
    • Human Rights Management
    • Enterprise Risk Management
    • Business Continuity
    • Integrated Management System
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    • Responsible Purchasing and Supply Chain Management
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    • Online Corporate Responsibility Reports
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      Loans

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      Select page:
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      Bonds
      Content:1486048968811

      Euro 150 million bilateral term loan with the European Investment Bank (EIB)
      On July 10, 2017, Cosmote signed, with the guarantee of OTE, a Euro 150 million bilateral term loan with EIB. The EIB loan was fully drawn on January 23, 2018, has a tenor of 7 years with semi-annual repayment schedule and bears fixed interest rate of 2.805% p.a.
       
      Up to June 30, 2023, Cosmote had repaid in total Euro 103.8 million, under the EIB loan.

      As a result, as of June 30, 2023, the outstanding balance of the EIB loan was Euro 46.2 million.
       
      Euro 150 million Bank Loan with the European Bank for Reconstruction and Development (EBRD), with the use of loan funds from the National Recovery and Resilience Facility ‘Greece 2.0’, financed by the European Union
      On July 7, 2022, OTE signed a Euro 150 million loan agreement with the EBRD. The loan has a tenor of 8 years with repayment at maturity and bears a total blended fixed interest rate of 1.561% per annum.
       
      Out of the Euro 150 million loan amount, Euro 93.75 million are financed by the European Union's Recovery and Resilience Facility, channeled through the Greek Ministry of Finance, while Euro 56.25 million are financed by EBRD.
       
      On July 13, 2022, OTE proceeded with the drawdown of the full amount under the Euro 150 million EBRD Loan.  
       
      Euro 100 million Revolving Credit Facility with National Bank of Greece and Alpha Bank SA
      On July 24, 2020, OTE signed a Bond Loan Agreement, in the form of committed Revolving Credit Facility of Euro 200 million in total and a tenor of 2 years, with the syndication of National Bank of Greece and Alpha Bank SA.
       
      On July 22, 2022, OTE extended for 2 years the existing facility, along with a simultaneous reduction of the committed amount to Euro 100 million.
       
      As of June 30, 2023, the Facility was not drawn.
       
      Financial Covenants
      The above Bank Loans include two financial covenants based on loan specific definitions, tested on a semi-annual basis at Group level, namely:

      • The ratio of consolidated operating profit before financial and investing activities, depreciation, amortization, impairment and costs related to voluntary leave schemes (“consolidated pro-forma EBITDA”) to consolidated net interest expense should not be less than 4.5:1 at all times, and
      • The ratio of consolidated net debt to consolidated pro-forma EBITDA should not be more than 2.5:1 at all times.
      In the EIB Loan, the above covenants apply also at Cosmote level, on an annual basis.

       

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      Vision & Strategy
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      ΟΤΕ SA
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      Telecommunications Museum
      Cosmote
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      ΟΤΕ Asfalisi
      OTE Academy
      OTE Estate
      OTE Rural North
      OTE Rural South
      OTE Sat Maritel
      Germanos
      CosmoteTV Productions
      Cosmote Technical services
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      Cosmote Global Solutions
      Share
      Financial Results
      Debt Info
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      Cost - Regulatory Elements
      Quality Indicators
      Code of Conduct for E-Commerce
      Supplier Code of Conduct
      Termination rates & other documents
      Network Coverage
      Contact us
      Terms of Use
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