Bernitsas Law advises Piraeus Financial Holdings on a Liability Management Exercise and issuance of Tier 2 Notes

Bernitsas Law acted as Greek law counsel to Piraeus Financial Holdings (PFH) in connection with i) a liability management exercise consisted of an invitation made to holders of its outstanding €400m Tier 2 Notes due 26 June 2029 to tender their notes for purchase by PFH for cash, and ii) the issuance and offering to international and domestic institutional investors through a bookbuilding process of €500m Tier 2 Notes due 17 April 2024 (New Notes), and the listing of the New Notes on the Euro MTF market of the Luxembourg Stock Exchange.

The issuance and offering of the New Notes attracted significant interest from more than 145 institutional investors, with a total order book of more than €1.8bn, reflecting an oversubscription of more than 3.7 times. On the back of strong investor interest, the final yield of the New Notes was set at 7.375%, versus an initial target of 7.750%, with more than 75% of the New Notes allocated to international institutional investors.

Partner Nikos Papachristopoulos and Counsel Maria Nefeli Bernitsa advised PFH on both legs of the transaction, which successfully completed on 17 January 2024.

Pireaus Financial Holdings January 2024

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