Bloomberg News

Opap Agrees Loan With Greek Banks to Fund Lottery Terminals

November 23, 2011

Nov. 22 (Bloomberg) -- Opap SA, Europe’s biggest publicly traded gambling company, said it agreed with a syndicate of Greek banks to fund the introduction of video lottery terminals, Chief Executive Officer Ioannis Spanoudakis said.

“We have finalized with the Greek banks a syndicated facility, unsecured, to the tune of a maximum 300 million euros ($405 million), most likely it may be lower,” Spanoudakis said on a conference call today in Athens. The loan will have an interest rate of 6.75 percent plus Euribor. National Bank of Greece SA is leading the syndicate, he said.

Opap is preparing plans to introduce video-lottery-terminal gaming halls and expects to have technology suppliers chosen for its 16,500 terminals by the end of January, Spanoudakis said.

Opap will pay a minimum dividend equivalent to 50 percent of net earnings in 2011, Spanoudakis said.

--Editors: Tim Farrand, Peter Woodifield

To contact the reporter on this story: Tom Stoukas in Athens at astoukas@bloomberg.net

To contact the editor responsible for this story: Angela Cullen at acullen8@bloomberg.net


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