National Bank of Greece holders tender €753.29 million, $47.51 million of bonds, preferreds

By Angela McDaniels

Tacoma, Wash., Jan. 17 - National Bank of Greece SA received tenders for €753,287,000, $47,507,000 and £39,223,000 of securities in its tender offer for six series of covered bonds and hybrid securities, according to a 6-K filing with the Securities and Exchange Commission.

The following securities were eligible for the offer:

• €1.5 billion of fixed-rate series 3 covered bonds due 2016;

• €350 million of series A floating-rate non-cumulative guaranteed non-voting preferred securities;

• €350 million of series B CMS-linked non-cumulative guaranteed non-voting preferreds;

• $180 million of series C CMS-linked non-cumulative guaranteed non-voting preferreds;

• €230 million of series D CMS-linked non-cumulative guaranteed non-voting preferred; and

• £375 million of series E fixed/floating-rate non-cumulative guaranteed non-voting preferreds.

The bank accepted for purchase €636.1 million of the bonds, €52,062,000 of the series A preferreds, €33,956,000 of the series B preferreds, $47,507,000 of the series C preferreds, €31,169,000 of the series D preferreds and £39,223,000 of the series E preferreds.

The purchase price is 70% of par for the bonds and 45% of par for the preferreds.

The settlement date is Jan. 19. Purchases will be funded with existing liquidity reserves.

The bonds were issued by National Bank of Greece, an Athens-based financial institution. The preferreds were issued by National Bank of Greece Funding Ltd.

The bank said the offer strengthens its core tier 1 capital by about €302 million.

Credit Suisse Securities (Europe) Ltd., Deutsche Bank AG, London Branch, Merrill Lynch International and Morgan Stanley & Co. International plc acted as dealer managers. Lucid Issuer Services Ltd. acted as tender agent.

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