OPAP Gets Major Loan

EUR300 million received for business expansion Finally, after a period of trouble, Europe's biggest betting company OPAP, in which the indebted Greek government has a significant stake, can feel relieved as it has managed to close a deal on a loan of up to EUR300 million with a consortium of Greek banks. The money will be used to expand its business, the company chief executive said, reminding that the company has spent about EUR475 million this month to acquire an exclusive videolotto licence from the Greek government. It has also been specified that another EUR375 million will be paid by early December to renew its betting monopoly for 10 years to 2030. According to the CEO Yannis Spanoudakis, "We have finalised with Greek banks a syndicated unsecured facility of Euro 300 million maximum; most likely it may be lower.” The cost will be 6.75 percent over the three-month Euribor rate, he stressed. Even though the banks that are leading the consortium are Greece's National Bank, EFG Eurobank, Emporiki Bank and Hellenic Postbank, Spanoudakis said OPAP was still considering raising money in foreign markets for higher security – and at a higher cost.