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Piraeus launches capped tender offer for subordinated notes due 2029
By Marisa Wong
Los Angeles, Jan. 8 – Piraeus Financial Holdings SA is inviting holders of its outstanding €400 million fixed-rate reset dated subordinated notes due June 26, 2029 (ISIN: XS2018638648) to tender their notes for purchase for cash, up to a maximum acceptance amount, according to a company announcement on Monday.
The notes have a coupon of 9¾% until the June 26, 2024 reset date, which is also the optional redemption date.
The company is offering to purchase the notes at 102, plus accrued interest.
Tenders may be subject to proration if the amount tendered exceeds the offer cap.
The maximum acceptance amount is expected to be equal to the lower of the aggregate principal amount of new notes to be issued under a concurrent offering and the outstanding principal amount of the existing notes.
The company plans to issue new euro-denominated fixed-rate reset tier 2 notes, subject to market conditions. The company intends to announce the maximum acceptance amount as soon as it prices the new notes.
The tender offer is conditioned on completion of the new issuance.
In addition, holders who participate in the tender offer and wish to subscribe for the new notes may be given priority in the allocation of the new notes.
The offer will expire at 11 a.m. ET on Jan. 15. Tender results will be announced on Jan. 16. Settlement is slated for Jan. 17.
The dealer managers are Barclays Bank Ireland plc (+44 20 3134 8515; eu.lm@barclays.com), BNP Paribas (+33 1 55 77 78 94; liability.management@bnpparibas.com), BofA Securities Europe SA (+33 1 877 01057; DG.LM-EMEA@bofa.com), Goldman Sachs Bank Europe SE (+44 20 7774 4836; liabilitymanagement.eu@gs.com), Nomura Financial Products Europe GmbH (+44 20 7103 2454 / +44 20 7103 2410; liability.management@nomura.com) and UBS Europe SE (+44 20 7568 1121; ol-liabilitymanagement-eu@ubs.com).
Kroll Issuer Services Ltd. (+44 20 7704 0880; attn.: Owen Morris; piraeusbank@is.kroll.com; https://deals.is.kroll.com/piraeusbank) is the tender agent.
The financial services company is based in Athens.
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