National Bank of Greece starts offer for ADSs representing preferreds

By Jennifer Chiou

New York, May 31 - National Bank of Greece SA announced the launch of its cash offer for up to 22.5 million of its 25 million of outstanding American Depositary Shares, which each represent one of its non-cumulative preference shares, series A.

The offer will end at midnight ET on June 28.

The bank is offering $12.50 per ADS in cash, without interest, according to a news release.

The offer is meant to generate core tier 1 capital for the bank and to further strengthen the quality of its capital base.

If the bank receives tenders in excess of the 22.5 million limit, it will accept the ADSs on a pro rata basis.

Settlement is expected on July 3.

Bank of America Merrill Lynch and Merrill Lynch International are the dealer managers. The Bank of New York Mellon is the tender agent. The information agent is D.F. King Worldwide (attn: Elton Bagley at 800 967-4617 or 212 269-5550 in New York or attn: Damian Watkin / Katerina Papamichael at 44 20 7920 9700 or nbg@king-worldwide.com in London).

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