National Bank of Greece buys back, cancels 12.36 million preferreds

By Marisa Wong

Madison, Wis., July 24 - National Bank of Greece SA said that following the completion of its cash tender offer for up to 22.5 million of its 25 million outstanding American Depositary Shares, each representing one of its series A non-cumulative preference shares, it canceled 12,360,169 ADSs.

The bank repurchased and canceled all ADSs tendered by the expiration of the offer at midnight ET on June 28. Settlement was slated for July 3.

As announced on July 1, the tendered amount was roughly 49.4% of the total shares outstanding.

The bank offered $12.50 per ADS in cash, without interest, according to a prior news release. The preferreds' issue price was $25.00.

Following the purchase, 12,639,831 ADSs remain outstanding.

According to a 6-K filed Wednesday with the Securities and Exchange Commission, with the repurchase and cancellation of the non-cumulative preferreds, the bank succeeded in enhancing its core tier 1 capital by about €72.7 million and the respective ratio by about 13 basis points, based on pro forma data as of March 31.

Bank of America Merrill Lynch and Merrill Lynch International were the dealer managers. The Bank of New York Mellon was the tender agent.

The Athens-based bank began the tender offer on May 31.

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