OPAP raises 200 million euros from bond loan issue

OPAP SA on Tuesday announced that the proceeds of a public offer for the issue of a common bond loan totaled 200 million euros and noted that issuance expenses will not be deducted from the raised capital but they will be covered in full by the company.

In an announcement, OPAP said that the use of raised capital to cover funding needs in moving capital was expected to begin immediately this year. The proceeds of the bond loan will be invested in short-term low-risk assets, such as time deposits, repos and bonds. The managing commission of Hellenic Exchanges, in a meeting in March 13, approved the listing of OPAP’s 200,000 common anonymous bonds in the fixed-income category of the Athens Stock Exchange. Trading of the new bonds will begin on Wednesday, 22 March.

OPAP said the proceeds of the bond loan will be allocated to upgrade OPAP’s IT systems and agents’ equipment (72.1 million euros), to launch VLTs (25.2 million euros), SSBTs and Virtual games (20.3 million euros), covering funding needs (82.4 million euros).

The total valid demand from investors that participated in the Public Offer within the yield range was 421.233 million euros. The vast demand from investors had as a result that the Public Offer was subscribed at 2.1 times and the total number of participant investors was 8,118. The final yield has been set at 3.50%, the Bonds interest rate at 3.50% and the offer price of the Bonds at 1,000 euros each, namely 100% of the nominal value.

The Bonds allocated based on demand at the yield of 3.50% are as follows: (a) 140,000 Bonds (70% of the total number of Bonds to be issued) were allocated to Private Investors, of a total number of 274,829 Bonds that were requested (namely, a percentage of 50.94% of the demand in this category of investors was satisfied), and (b) 60,000 Bonds (30% of the total number of Bonds to be issued) were allocated to Institutional Investors, of a total number of 141,574 Bonds that were requested (namely, a percentage of 42.38% of the demand in this category of investors was satisfied) 2 Underwriters have received for their own account, out of the 60,000 Bonds that were allocated to Institutional Investors, 26,992 Bonds, as follows: Underwriter Allocated Bonds Eurobank Ergasias S.A and affiliates 9,784 National Bank of Greece S.A. and affiliates 9,649 Piraeus Securities and affiliates 3,216 Euroxx Securities 483 Investment Bank of Greece S.A. and affiliates 3,860.