In­tralot sells its first bonds since 2006

Kathimerini English - - Front Page -

In­tralot SA, the Greek de­vel­oper of on­line lot­tery and gam­ing sys­tems, is meet­ing in­vestors for its first bond sale since 2006 as it of­fers to buy back notes ma­tur­ing at the end of this year. The com­pany’s In­tralot Fi­nance Lux­em­bourg SA unit is plan­ning to raise 300 mil­lion eu­ros from five-year se­cu­ri­ties to re­pay ex­ist­ing debt, ac­cord­ing to a per­son fa­mil­iar with

The Pi­raeus Trades­men’s As­so­ci­a­tion yes­ter­day launched a 10-day pe­riod of spe­cial sum­mer of­fers on the oc­ca­sion of the Pasal­i­mani Book Fair near the cen­ter of the coun­try’s main port. Vis­i­tors to the as­so­ci­a­tion’s kiosk at the fair will be able to col­lect dis­count vouch­ers to use at par­tic­i­pat­ing stores un­til June 26. the plan. The Athens-based com­pany is also of­fer­ing to buy back all or part of its 140 mil­lion eu­ros of out­stand­ing 2.25 per­cent con­vert­ible bonds due De­cem­ber 2013, it said in a state­ment yes­ter­day. The aver­age yield in­vestors de­mand to hold high-yield bonds in Europe fell 11 ba­sis points to 5.88 per­cent, the big­gest de­cline since Fe­bru­ary 25, as in­vestors an­tic­i­pate more clar­ity on cen­tral bank stim­u­lus when the Fed­eral Re­serve meets to­mor­row. In­tralot is the fourth Greek com­pany to sell bonds this year, join­ing Fri­go­glass SA, a junk-rated sup­plier of re­frig­er­a­tor equip­ment, and Hel­lenic Pe­tro­leum SA, the na­tion’s largest refiner. “This year has been strong for Greek is­suance as in­vestors seek ex­tra yield and In­tralot is con­tin­u­ing the trend,” said Juan Este­ban Va­len­cia, a strate­gist at So­ci­ete Gen­erale SA in Paris. “Later this week, the Fed meets again and is­suers will try to get busi­ness done ahead of that meet­ing in case it causes more volatil­ity.” In­tralot will end its in­vestor meet­ings in Athens on Thurs­day, said the per­son, who asked not to be iden­ti­fied be­cause the de­tails are pri­vate. The new notes are ex­pected to be rated B1 by Moody’s In­vestors Ser­vice, four lev­els be­low in­vest­ment grade, the per­son said.

Tourism pro­grams.

Ac­cord­ing to sources, the Greek National Tourism Or­ga­ni­za­tion has agreed to im­ple­ment a pro­gram of co­op­er­a­tion with eight ma­jor tour op­er­a­tors in Ger­many, with a to­tal bud­get of nearly 450,000 eu­ros, fol­low­ing a de­ci­sion by the or­ga­ni­za­tion’s gen­eral sec­re­tary, Panos Li­vadas. GNTO will con­trib­ute 100,000 eu­ros each to pro­grams with TUI, Thomas Cook and REWE, 40,000 to each of All­tours and FTI, 30,000 eu­ros to Schauins­land Reisen, 12,000 eu­ros to Der­tour and 10,000 to At­tika Reisen.

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