Greek Network Secures Further Funds

Greece's Cosmote signed a 3-year US$420 million Syndicated Credit Facility. The loan agreement that was signed on Tuesday 12, November 2002 was arranged by CITIGROUP and National Bank of Greece International Limited. The Syndicate is made up of nine International and five Greek Banks.

The deal had been launched at US$350 million but following a very successful syndication, an oversubscription of 65% was achieved with US$576 million raised. Cosmote opted not to take the full oversubscription but instead increased the facility to US$420 million. Proceeds will be used to refinance Cosmote's existing syndicated loan facility of US$360 million and for general corporate purposes.

This facility is the largest syndicated deal in the Greek market to date."

Posted to the site on 18th November 2002