Coke bottler to sell bonds of 800 mln euros
Coca-Cola HBC AG is issuing its first bonds since the world’s second-biggest bottler of the soft drink switched its stock listing to London from Athens as European borrowing costs climb to a three-month high. CCHBC wants to sell 800 million euros of seven-year notes that will be priced to yield 105 basis points more than the benchmark midswap rate, according to a person familiar with the deal. The bottler is also offering to buy back any or all of the 500 million euros of 7.875 percent notes due 2014 to lower its interest costs and improve its debt profile, the company said yesterday in a statement. Philip Walters, an external spokesman for CCHBC, declined to comment on the new bond
The General Secretariat for Information Systems will have swift access to bank accounts held by depositors under investigation for tax evasion, corruption and money laundering as well as illegal revenues, according to a draft law submitted by the Finance Ministry to Parliament yesterday. sale, which needs to be completed before the buyback can begin. CCHBC moved its listing to London to access a wider pool of investors, Chief Financial Officer Michalis Imellos said in April.
The CEO of Greece’s fourth-largest lender Eurobank, Nikos Nanopoulos will not seek a new term as chief executive at the bank’s upcoming annual shareholders meeting, the lender said yesterday. Eurobank was the first major Greek bank to be taken over by the state bank rescue fund in the country’s debt crisis through a recapitalization earlier this year. The government’s Hellenic Financial Stability Fund injected 5.84 billion euros to plug the bank’s capital hole in exchange for new shares, becoming its major shareholder. Eurobank’s annual shareholders meeting on June 27 will pick a new board, the bank said.
Cyprus’s energy minister has said that Israeli energy firm Delek is looking to take part in the development of a gas processing facility on the island – a major project the government is hoping will bolster the country’s shaken economy. Georgios Lakkotrypis said that senior Delek officials yesterday held talks with Cypriot President Nicos Anastasiades. Delek and subsidiary Avner Oil Exploration hold a 30 percent stake in a gas field off Cyprus’s southern coast that’s estimated to contain 5-8 trillion cubic feet of gas. Texas-based Noble Energy holds the other 70 percent. Gideon Tadmor, Delek Drilling Chairman, said he was hopeful of “a long-lasting cooperation between our company, the state of Israel and Cyprus.” Cyprus has licensed other oil and gas companies including Italy’s ENI, France’s Total and South Korea’s Kogas.