EFG Hellas starts cash offer for tier one, lower tier II securities

By Jennifer Chiou

New York, Feb. 9 - EFG Hellas (Cayman Islands) Ltd. announced the start of a cash tender offer for any and all of four series of tier one and lower tier II securities, including the following:

• EFG Hellas Funding Ltd.'s €91,257,000 of outstanding series A CMS-linked non-cumulative guaranteed non-voting preferred securities; €154,871,000 of series B fixed-to-floating non-cumulative guaranteed non-voting preferred securities and €169,081,000 of series C fixed-rate non-cumulative guaranteed non-voting preferred securities; and

• EFG Hellas Cayman's €467,005,000 of outstanding callable step-up subordinated floating-rate instruments due 2017.

The company is offering 40% of par for the first three series, the tier one securities, and 50% of par for the step-up instruments.

EFG will also pay accrued dividends to the settlement date.

According to a company release, the purpose of the offer is to generate core tier one capital for the EFG Eurobank Ergasias SA Group and to strengthen the quality of its capital base.

The offer will end at 11 a.m. ET on Feb. 17.

Settlement is anticipated for Feb. 20.

Deutsche Bank AG, London Branch (44 20 7545 8011; attn: Liability Management Group at liability.management@db.com) and HSBC Bank plc (44 20 7991 5874/44 20 7991 5774; attn: Liability Management Group at liability.management@hsbcib.com) are the dealer managers.

Deutsche Bank is also the tender agent (44 20 7547 5000; attn: trust and securities services, Rebecca Watson/Sue Ferguson at xchange.offer@db.com).

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