Hellenic Petroleum obtains consents to amend 2% notes due 2024

By Rebecca Melvin

Concord, N.H., Nov. 24 – Hellenic Petroleum Finance plc announced that it has obtained the needed consents from holders to amend €599.9 million 2% notes due 2024 (ISIN: XS2060691719) guaranteed by Hellenic Petroleum SA, according to a notice.

About 99.6% of holders, representing about 90.98% of the principal amount of notes, voted in favor of the extraordinary resolution to execute a second supplemental trust deed and pay the consent fee to holders that provided valid consent instruction as per its Nov. 3 consent solicitation by Dec. 1.

The issuer was offering a 0.2% consent fee.

The accession deed will be executed within two days following the demerger, which is expected to occur on or around Jan. 3, 2022.

As previously reported, the company plans to transfer by way of universal succession the assets, liabilities, rights and legal relationships (the hive-down) of its refining, supply and trading of oil products and petrochemicals business sector (the hive-down sector) to a new company, which will be a wholly owned subsidiary of the Hellenic Petroleum. The new company, which would become guarantor of the notes, is expected to be named Hellenic Petroleum Single-Member SA upon completion of the hive-down.

The lead solicitation agents are Citigroup Global Markets Ltd. (+44 20 7986 8969, liabilitymanagement.europe@citi.com) and Goldman Sachs Bank Europe SE (+44 20 7774 4041, liabilitymanagement.eu@gs.com).

The other solicitation agents are Alpha Bank SA (dcm@alpha.gr), Credit Suisse International (+44 20 7883 8763, liability.management@credit-suisse.com), Eurobank SA (+30 210 33 37 000, LMG@eurobank.gr), National Bank of Greece SA (+30 210 332 8851, debtcapitalmarkets@nbg.gr), Nomura International plc (+44 20 7103 2454, liability.management@nomura.com) and Piraeus Bank SA (+30 210 32 88 075, +30 210 33 35 985, CustodyCorporateActions@piraeusbank.gr / debt_issuance@piraeusbank.gr).

Lucid Issuer Services Ltd. (+44 20 7704 0880, helpe@lucid-is.com) is the tabulation agent.

Hellenic Petroleum is an Athens-based refiner.

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