Greece Returns to Bond Market After Three Years

Monday, July 24th, 2017
Last Update: 15:15

Greece will return to the bond market after three-year. The Hellenic Republic announced today an invitation to holders of its outstanding 4.75 per cent. Notes due 2019 (ISIN: GR0114028534) (the Existing Notes) to tender such Existing Notes for purchase for cash (the Switch and Tender Offer). The Switch and Tender Offer is being made on the terms and subject to the conditions (including the New Notes Condition) contained in the switch and tender offer memorandum dated 24 July 2017 (the Switch and Tender Offer Memorandum) prepared by the Republic, and is subject to the offer restrictions set out below and as more fully described in the Switch and Tender Offer Memorandum. BNP Paribas, Citigroup Global Markets Limited, Deutsche Bank AG, London Branch, Goldman Sachs International Bank, HSBC Bank plc and Merrill Lynch International are acting as Dealer Managers for the Switch and Tender Offer, HSBC Bank plc is acting as Billing and Delivering Bank and Lucid Issuer Services Limited is acting as Information Agent. 

New Notes Offering

The Republic also announces today that it intends to offer new euro-denominated fixed rate notes due 2022 (the New Notes) for cash in a Regulation S / 144A benchmark sized offering (the New Notes Offering). 

BNP Paribas, Citigroup Global Markets Limited, Deutsche Bank Aktiengesellschaft, Goldman Sachs International Bank, HSBC Bank plc and Merrill Lynch International have been mandated as Joint Lead Managers for the New Notes Offering. Pricing of the New Notes Offering is expected to occur on 25 July 2017, subject to market conditions, with settlement expected to occur on 1 August 2017. 

Copies of the Switch and Tender Offer Memorandum are (subject to distribution restrictions) available from the Information Agent as set out below. Capitalised terms used in the discussion of the Switch and Tender Offer below but not defined have the meanings given to them in the Switch and Tender Offer Memorandum.

Details of the Switch and Tender Offer

Purchase Price and Accrued Interest

The cash purchase price (the Purchase Price) to be paid for Existing Notes validly tendered and accepted by the Republic for purchase pursuant to the Switch and Tender Offer will be equal to 102.6 per cent. of the nominal amount of such Existing Notes.

Holders whose Existing Notes are accepted by the Republic for purchase pursuant to the Switch and Tender Offer will also receive an Accrued Interest Payment in respect of such Existing Notes.

New Notes Condition and Other Conditions

The Switch and Tender Offer is conditional on the successful pricing and closing of the New Notes Offering in an amount, with pricing and on terms and conditions satisfactory to the Republic (in its sole determination) (the New Notes Condition).

The Switch and Tender Offer is also conditional on the dealer manager agreement that the Republic has entered into with the Dealer Managers and the Billing and Delivering Bank in relation to the Switch and Tender Offer (and the obligations of the Dealer Managers and the Billing and Delivering Bank thereunder) not having been terminated or cancelled prior to or at the time of the settlement of the Switch and Tender Offer by the Dealer Managers and/or the Billing and Delivering Bank on the Settlement Date, as well as the other conditions described in the Switch and Tender Offer Memorandum.

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