Piraeus accepts all €293.88 million tendered notes due 2029

By Marisa Wong

Los Angeles, Jan. 16 – Piraeus Financial Holdings SA announced the results of its Jan. 8 cash tender offer to purchase up to a maximum acceptance amount of its outstanding €400 million fixed-rate reset dated subordinated notes due June 26, 2029 (ISIN: XS2018638648).

As of the expiration of the offer at 11 a.m. ET on Jan. 15, holders had tendered €293,883,000 of the notes. The company will accept all of the tendered notes for purchase with no scaling factor applied, according to a company announcement on Tuesday.

As previously reported, Piraeus had amended the offer the day after it launched to remove the cap.

The company will purchase the tendered notes at 102, plus accrued interest.

After settlement, which is expected to be on Jan. 17, €106,117,000 principal amount of the notes will remain outstanding.

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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