Bernitsas has advised Piraeus Financial Holdings on a liability management exercise consisting of an invitation made to holders of its outstanding EUR 500 million fixed-rate reset tier 2 notes due February 2030 to tender their notes for purchase by PFH for cash and on the issuance and offering to international and domestic institutional investors through a bookbuilding process of EUR 650 million tier 2 fixed rate reset notes due September 2035, as well as on the listing of the new notes on the Euro MTF market of the Luxembourg Stock Exchange.
According to Bernitsas, “the transaction attracted significant interest from approximately 200 institutional investors, with 57% placed among asset managers, insurance companies and pension funds, 27% with banks and private banks, 13% with hedge funds and 3% with other investors. The total order book of the transaction exceeded EUR 2.7 billion, reflecting an oversubscription of 5.4 times compared to an initial issuance target of EUR 500 million, while more than 75% of the issue has been allocated to international institutional investors. The funds raised through the issue of the new notes will be used by PFF to finance the tender offer and further solidify its capital position.”
Earlier this year, Bernitsas advised Piraeus Bank on a EUR 500 million note issuance (as reported by CEE Legal Matters on May 2, 2024). The firm also advised on Piraeus Bank's earlier EUR 500 million issuance of senior preferred notes (as reported by CEE Legal Matters on December 12, 2023).
The Bernitsas team included Counsel Alexia Kefalogianni and Associate Marinos Shiapanis.
Bernitsas did not respond to our inquiry on the matter.
