National Bank of Greece accepts €320.08 million tendered 2029 notes

By Marisa Wong

Los Angeles, March 27 – National Bank of Greece SA announced the results of its March 19 tender offer for any and all of its €400 million subordinated fixed-rate resettable tier 2 notes due July 18, 2029 with a first reset date on July 18, 2024 (ISIN: XS2028846363).

The issuer will accept for purchase all €320,075,000 of tendered notes, according to a notice on Wednesday.

The issuer will purchase the notes at 101.4, plus accrued interest.

The tender offer is conditioned on the issuance of new euro-denominated tier 2 subordinated notes.

Holders who participate in the tender offer and wish to subscribe for their new notes may be given priority in the allocation of the new notes.

The offer expired at noon ET on March 26.

Settlement is expected to be on March 28.

After settlement, €79,925,000 of the notes will remain outstanding.

Kroll Issuer Services Ltd. (+44 20 7704 0880; attn.: Owen Morris; nbg@is.kroll.com; https://deals.is.kroll.com/nbg) is the tender and information agent.

Commerzbank AG (+49 69 136 59920; liability.management@commerzbank.com), Goldman Sachs Bank Europe SE (+49 69 7532 1615; liabilitymanagement.eu@gs.com), Intesa Sanpaolo SpA (+39 02 7261 6502; IMI-liability.management@intesasanpaolo.com), J.P. Morgan SE (+44 20 7134 2468; liability_management_EMEA@jpmorgan.com), Morgan Stanley Europe SE (+44 20 7677 5040; liabilitymanagementeurope@morganstanley.com) and Natixis (+33 1 58 55 13 72; ld-m-liability-management-fig@natixis.com) are the dealer managers for the offer.

The bank is based in Athens.

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