Watson Farley & Williams (“WFW”) acted as authorized advisor to Greek telecommunications operator Hellenic Telecommunications Organisation S.A. (“OTE”) on a €150m mortgage settlement with the European Financial institution for Reconstruction & Growth (“EBRD”).

The funds will allow OTE to finance the rollout of its “Fiber to the House”(“FTTH”) broadband infrastructure to roughly 371,000 households and companies in 12 areas throughout Greece. This may end in a discount in greenhouse gasoline (“GHG”) emissions and contribute to the Greek economic system’s inexperienced transition.

The mission is the primary below OTE’s Digital Transformation pillar, utilizing funds from the Nationwide Restoration and Resilience Facility ‘Greece 2.0’, financed by the European Union’s NextGenerationEU programme. The eight-year mortgage consists of EBRD’s €56.25m tranche, in addition to a €93.75m tranche financed by the EU’s RRF channelled by the Greek Ministry of Finance. OTE’s personal contribution to the mission is €37.5m.

A part of Deutsche Telekom, OTE is the most important know-how firm in Greece, providing a variety of services and products together with fixed-line and cellular telephony, broadband companies, pay tv and ICT options.

The WFW Athens crew that suggested OTE was led by Challenge and Structured Finance Companion Nikolaos Kostikas and Belongings and Structured Finance Companion Christina Giagka. They have been supported by Affiliate Asimina Papakosta.

Nikolaos commented: “We’re very happy to have labored with OTE on this vital sustainable financing mission which can contribute enormously to the digital transformation of Greece’s economic system. This transaction highlights our experience in advising on high-value mortgage agreements which have an enduring and impactful consequence”.