Bernitsas Law acted as Greek law counsel to Piraeus Financial Holdings (PFH) in connection with (i) a liability management exercise consisting of an invitation made to holders of its outstanding €600m Fixed Rate Reset Additional Tier 1 Perpetual Contingent Temporary Write-Down Notes issued on 16 June 2021 to tender their notes for purchase by PFH for cash and (ii) the issuance and offering by PFH to international and domestic institutional investors through a bookbuilding process of €600m Fixed Rate Reset Additional Tier 1 Perpetual Contingent Temporary Write-Down Notes (AT1 Notes), and the listing of the AT1 Notes on the Euro MTF market of the Luxembourg Stock Exchange.
The transaction attracted significant interest from more than 200 institutional investors, with c.62% placed among asset managers, c.18% to banks and private banks and c.20% to hedge funds and other investors. The total order book of the transaction exceeded €2.75bn, making it more than 4.5 times oversubscribed compared to the issuance target of €600m, while more than 85% was allocated to international institutional investors.
Counsel Alexia Kefalogianni and Associate Adonis Sfyris, in cooperation with Partner Nikos Papachristopoulos, advised on this transaction.