Alpha Bank amends exchange offers, deadline for numerous note series

By Susanna Moon

Chicago, Nov. 6 – Alpha Bank AE said it amended the exchange offers for several outstanding securities issued by Alpha Credit Group plc, Emporiki Group Finance plc and Alpha Group Jersey Ltd.

The early instruction deadline now coincides with the end of the offer at noon ET on Nov. 12.

“For the avoidance of doubt, the early instruction deadline/expiration deadline is the ultimate and only deadline to participate in the exchange offers,” the company said in a press release.

The exchange offers originally had been set to expire at noon ET on Nov. 16.

As announced Oct. 28, holders whose securities are accepted for the exchange offer will receive non-transferable receipts that correspond to the aggregate nominal amount or liquidation preference, as the case may be, of their securities. No payment will be made at settlement for accrued interest.

The company originally had said that receipts gave the holders the right to choose between three options during the final exercise period: cash, stock or, for “non-permitted equity holders” only, the cash resale amount.

The options available during the early exercise period also were amended Friday to cancel the first option, according to the press release.

Now, the second option is only available to permitted equityholders and the third option only to non-permitted equityholders.

The early exercise period is expected to start Nov. 9, following release of an offering circular for an institutionally bookbuilt offering of common shares, the company said.

The meetings will be held on the dates as scheduled, but the proposals will not be implemented by the issuers, the release said.

The early settlement date will be Nov. 17.

Securities covered

The offer is for the following securities issued by Alpha Credit Group plc:

• €40.7 million of floating rate notes due February 2021;

• €24 million of floating rate notes due March 2021;

• €130 million of fixed-to-index-linked notes due February 2027;

• €50 million of index-linked notes due March 2017;

• €1.55 million of floating-rate notes due February 2017;

• €54,743,000 of 6% notes due May 2017;

• €850,000 of 2.5% notes due June 2022;

• €1,345,000 of 2.5% notes due June 2022;

• €14,834,000 of 2% notes due May 2018;

• €3.7 million of 1.5% notes due February 2028;

• €294,632,000 of 3.375% notes due June 2017;

• $3 million of callable step-up notes due August 2024;

• €47,474,000 of subordinated floating-rate notes due February 2017; and

• €22,245,000 of subordinated floating-rate notes due March 2017.

It also covers the following securities issued by Emporiki Group Finance plc:

• €14.53 million of 3% notes due August 2024;

• €28.65 million of 4.3% notes due August 2022;

• €26.87 million of 5% notes due February 2022;

• €22.71 million of 5.1% notes due December 2021;

• €22.17 million of fixed- to index-linked notes due July 2021;

• €25.04 million of fixed- to index-linked notes due March 2021;

• €17.98 million of fixed- to index-linked notes due March 2020;

• €70 million of fixed- to index-linked notes due February 2019; and

• €26.32 million of fixed- to index-linked notes due December 2020.

The following securities issued by Alpha Group Jersey Ltd. are included:

• €738,000 of floating rate guaranteed perpetual subordinated callable step-up notes; and

• €30,464,000 of series B CMS-linked non-cumulative guaranteed non-voting preferred securities.

More details

Citigroup Global Markets Ltd. (+44 20 7986 8969 or liabilitymanagement.europe@citi.com) and J.P. Morgan Securities plc (+44 20 7134 2468 or emea-lm@jpmorgan.com) are the dealer managers for the following Alpha Credit Group plc-issued securities: €50 million of index-linked notes due 2017; €850,000 of 2.5% notes due 2022; €1,345,000 of 2.5% notes due 2022; €14,834,000 of 2% notes due 2018; €3.7 million of 1.5% notes due 2028; €294,632,000 of 3.375% notes due 2017; and $3 million of callable step-up notes due August 2024.

The Greek dealer manager is Alpha Bank AE (+30 21 0326 8220 or fps@alpha.gr).

The exchange agent is Lucid Issuer Services Ltd. (+44 20 7704 0880 or alpha@lucid-is.com).

“The exchange offers are being made to strengthen the offeror’s capital base, which has been impacted by the impaired macro-economic conditions recently experienced in the Hellenic Republic that are affecting all Greek financial institutions,” Alpha Bank said in announcing the offer.

Alpha Bank is a banking and financial services group based in Athens.

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