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BULLETIN: OTE to Increase Holding in Romtelecom to 54% for $176 Million Nov 02
Standard & Poors, Nov 2002
Abstract
Standard & Poor's Ratings Services said today the announcement by Greece-based Hellenic Telecommunications Organization S.A. (OTE; A/Stable/--) that it had reached agreement with the Republic of Romania (local currency, BB-/Positive/B; foreign currency B+/Positive/B) to increase its holding in Romtelecom SA to 54% from 35% would not result in a ratings change. The cash consideration for the 19% stake increase is expected to be about -175 million ($176 million), comprising a subscription for Romtelecom equity of $243 million less $98 million debt conversion and the additional acquisition of a 3% interest for $31 million. At June 30, 2002, Romtelecom had net debt of -448 million. The transactions will result in weaker but satisfactory credit metrics. These transactions also further increase OTE's...
Companies mentioned in this report are: Hellenic Telecommunications Organization S.A. ,Romania
Action: S&P Event
Standard and Poors RatingsXpress Credit Research provides in-depth coverage of international corporates, financial institutions, insurance companies, utilities, sovereigns and structured finance programs. RatingsXpress Credit Research lets users determine the credit rating of holdings and identify key factors underlying an issuer's creditworthiness, distinguishes the different risk exposures for new and existing deals, and provides an understanding of how their analysts interpret key regulatory, political and environmental events and their economic impact.
Research type: News
This product is a is a brief one-page announcement of no more than 500 words with a quote from the analyst. It is media and investor focused with no accompanying commentary article.
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