By Jennifer Chiou
New York, Sept. 20 - National Bank of Greece SA announced that the board of directors of the Hellenic Capital Markets Commission gave approval on Thursday for the bank's €1.18 billion offering of convertible equity notes.
The convertibles will be sold in a rights offering at a ratio of three convertibles for every eight ordinary shares held.
The notes will be convertible into 227.64 million ordinary shares. The conversion price will be €5.20 per share.
The Athens-based financial institution will sell up to 227.64 million of the convertibles at €5.20 apiece.
The board also gave the go-ahead to the bank's share capital increase at a Sept. 10 meeting, opting to augment the share capital by €607,041,575 in cash via a pre-emptive equity rights offering of existing ordinary shares at a ratio of one new share for every five existing shares.
Specifically, 121,408,315 new ordinary shares, each having a nominal value of €5.00, will be issued at the subscription price of €5.20 for each share.
The subscription period will wrap on Oct. 11. The company also announced that settlement for the notes is slated for Oct. 13.
As already reported, the convertibles will mature on the seventh calendar day following the issue date. Any notes that have not been converted by the last business day prior to maturity will be repurchased by the company at the issue price and sold to the underwriters, who have agreed to convert the notes on Oct. 19.
National Bank of Greece announced the planned offering on Sept. 7. The new conversion shares will be issued on Oct. 26.
| Issuer: | National Bank of Greece SA
|
| Issue: | Convertible equity notes
|
| Amount: | €1,183,731,068
|
| Maturity: | Oct. 20, 2010
|
| Price: | Par of €5.20
|
| Conversion price: | €5.20
|
| Pricing date: | Sept. 7
|
| Settlement date: | Oct. 13
|
| Stock symbol: | Athens: NBGR
|
| Stock price: | €10.40 at close Sept. 7
|
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