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Piraeus Bank completed the book-building process related to its €1,340 million Offering of new ordinary registered shares

Autor: Bancherul.ro
2015-11-21 15:22

Share Capital Increase - Completion of the Book-building Process and Setting of the Offer Price for the Offered Shares (Piraeus Bank statement):

Piraeus Bank S.A. (“Piraeus”) announces that it has completed the book-building process related to its €1,340 million Offering of new ordinary registered shares to institutional and other selected investors for cash (the “Equity Issue”).

This amount, together with the mitigating actions that were approved by the Single Supervisory Mechanism and reduce the capital needs arising from the recent Comprehensive Assessment in the amount of €873 million (including €602 million stemming from the liability management exercise), is sufficient for Piraeus to fully meet the capital requirement arising from the Asset Quality Review and the Stress Test published by the European Central Bank on 31 October 2015 under the baseline scenario.

The remaining adverse scenario shortfall will be covered through the issuance to the HFSF of new shares (for 25% of the remaining capital need) and contingent convertible securities (“CoCos”) (for 75% of the remaining capital need).

Based on the results of the book-building process, following consultation with the Joint Global Coordinators of the Equity issue and with the consent of the General Council of the Hellenic Financial Stability Fund in accordance with Greek Law 3864/2010, the Board of Directors of Piraeus set the offer price at €0.30 per offered new share following the 100-to-1 reverse stock split.

As a result, and subject to allocation of the new shares in connection with the Equity Issue, an aggregate of 4,466,666,667 new shares (following the reverse stock split) of a nominal value of €0.30 will be issued.

Piraeus expects to enter into definitive underwriting documentation in respect of the Equity Issue and to allocate new shares to investors on or about Monday, 23 November 2015.

The completion of the Offering will be subject to the satisfaction of customary closing conditions and regulatory approvals, as well as the approval by the Eurogroup of the €2 billion disbursement to the Hellenic Republic and the disbursement of the ESM notes earmarked for the bank recapitalization process (insofar as such notes relate to Piraeus), in each case as provided under the ESM financial assistance facility agreement.

Deutsche Bank AG London Branch and UBS Limited are acting as Joint Process Banks, Joint Global Coordinators and Joint Bookrunners, Credit Suisse Securities (Europe) Limited is acting as Joint Global Coordinator and Joint Bookrunner, and Euroxx Securities and Mediobanca – Banca di Credito Finanziario S.p.A. are acting as Joint Bookrunners for the Equity Issue.

Athens, 21 November 2015

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