National Bank of Greece says all convertibles converted, canceled

By Angela McDaniels

Tacoma, Wash., Oct. 21 - National Bank of Greece SA's recently issued €1.18 billion of convertible bonds have all been converted into common stock and canceled, according to a 6-K filing with the Securities and Exchange Commission.

The convertibles were issued through a rights offering on Oct. 13 and matured seven days later. The conversion price was €5.20 per share.

The bank previously said that if any notes had not been converted by the last business day prior to maturity, they would be repurchased and then sold to the underwriters, who agreed to convert the notes.

The Athens-based financial institution said the notes were converted into a total of 227,640,590 new shares.

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