Tim Hellas, the mobile phone company that was sold to a private equity consortium in Greece's largest buy-out in April, is considering refinancing the deal with a debut bond that would be one of the largest European junk bonds of the year.

Tim Hellas was bought out by a private equity consortium led by Apax Partners and Texas Pacific Group for €1.1bn ($1.3bn). The Greek company said today it was considering a dual tranche junk bond offering including dollar and euro-denominated bonds worth around €1.28bn.