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Hellenic Telecoms Close to Debt Refinancing, Imerisia Reports

Jan. 19 (Bloomberg) -- Hellenic Telecommunications Organisation SA, the Greek unit of Deutsche Telekom AG, is close to refinancing 1.4 billion euros ($1.8 billion) of debt that matures on Feb. 14, Imerisia reported, without saying where it got the information.

Hellenic Telecom is nearing agreement with a group of Greek and foreign banks to borrow as much as 600 million euros, the newspaper said. OTE, as the company is known, plans to repay about 500 million euros in cash and use existing credit lines, Imerisia reports.

Deutsche Telekom will provide Hellenic Telecom with the necessary funds as a last resort, the newspaper reported.

To contact the reporter on this story: Eleni Chrepa in Athens echrepa@bloomberg.net

To contact the editor responsible for this story: Angela Cullen at acullen@bloomberg.net

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