Hellenic Petroleum receives consents to amend 8% notes, 5¼% notes

New York, June 3 – Hellenic Petroleum Finance plc and Hellenic Petroleum SA said they received the requested consents to amend the €500 million of 8% guaranteed notes due 2017 and €325 million of 5¼% guaranteed notes due 2019 issued by Hellenic Petroleum Finance and guaranteed by Hellenic Petroleum.

Extraordinary resolutions to amend the notes were passed at meetings held on Friday.

Hellenic Petroleum announced the consent solicitation on May 12, saying that following a recent review of their financing arrangements the companies have identified some areas where definitions are no longer relevant, inconsistent with other financial documents or out of date. As a result, the companies are seeking to amend and align terms and definitions across their financings.

Specifically, the companies are asking noteholders to approve amendments to the definitions of consolidated net borrowings and consolidated net worth. The amendments include making changes to cover the impact on the consolidated net worth calculation of the planned disposal of National Natural Gas System Operator SA, a wholly owned subsidiary of Public Gas Corp. of Greece SA.

Noteholders who submitted voting instructions in favor of the proposed amendments by the early instruction deadline at 11 a.m. ET on May 25 will be eligible for an early consent fee. The early consent fee is €5.00 per €1,000 principal amount of 2017 notes and €6.25 per €1,000 principal amount of 2019 notes.

Noteholders who submitted voting instructions in favor of the proposal after the early deadline but prior to the instruction deadline at 5 a.m. ET on June 1 will be eligible for a late consent fee. The late consent fee is €1.50 per €1,000 of 2017 notes and €2.00 per €1,000 of 2019 notes.

Credit Suisse Securities (Europe) Ltd. (+44 (0) 20 7883 8763, liability.management@credit-suisse.com, attn.: liability management desk), UBS Ltd. (+44 20 7568 2133, ol-liabilitymanagement-eu@ubs.com, attn.: liability management group), Alpha Bank AE (+30 210 326 8220, dcm@alpha.gr, attn.: DCM), Eurobank Ergasias SA (+ 30 210 3718996, LMG@eurobank.gr, attn.: liability management group), NBG Securities SA (+30 210 772 0000, helpe@nbgsecurities.com, attn.: investment banking) and Piraeus Bank SA (+30 210 776 5341, CustodyCorporateActions@piraeusbank.gr, attn.: custody corporate actions) are acting as the solicitation agents. Lucid Issuer Services Ltd. (+44 20 7704 0880, helpe@lucid-is.com, attn.: Thomas Choquet) is acting as tabulation agent.

Hellenic Petroleum is an Athens-based refiner.

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