Hellenic Petroleum plans bond issue to refinance debt
(Reuters) - Greece's biggest oil refiner Hellenic Petroleum is looking to issue new debt in October to refinance a $561.70 MM bond due May, 2017, a Greek newspaper reported on Monday.
The refiner hopes to secure a yield of about 5%, lower than the 8% coupon it is now paying on the bond, Ta Nea newspaper said.
Hellenic Petroleum repaid a $400 MM bond in May. The refiner has said it plans to refinance other outstanding debt in the second half of the year, subject to market conditions.
"We intend to refinance the 2017 bond by the end of the year, in line with our previously communicated strategy," said an official at Hellenic Petroleum, declining to be named.
Hellenic's net debt stood at $1.9 B in the first half of the year.
Reporting by Angeliki Koutantou, editing by Louise Heavens
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