Hellenic Petroleum gets priority tenders for €223.24 million 8% notes

By Susanna Moon

Chicago, Oct. 7 – Hellenic Petroleum SA announced the results of its Hellenic Petroleum Finance plc subsidiary’s tender offer for €489,932,000 of 8% notes due May 2017.

Investors had tendered €223,241,000 of notes under priority allocation instructions and €73,187,000 under tender-only instructions, according to a company announcement.

The company said it plans to accept all notes tendered under tender and priority allocation instructions but reserves the right to treat any tender and priority allocation instructions as tender-only instructions, subject to final investor participation in the new notes.

The company said it will not accept any non-priority tendered notes unless it has accepted all priority tendered notes and the aggregate principal amount of the priority tendered notes is less than the maximum acceptance amount.

The tender ended at 10 a.m. ET on Oct. 6, and the payment date was expected to be Oct. 14. The offer began Sept. 29.

The issuer was offering €1,035.00 per €1,000 principal amount of notes plus accrued interest up to but excluding the payment date.

Funding for the tender will come from an offering of new five-year notes, and completion of the tender is subject to the pricing of those notes, as previously noted.

In addition, the tender will have a cap set so that the total amount payable will be no more than the cash raised from the new notes.

Tenders from holders who subscribe for new notes will be given priority in the tender offer.

Credit Suisse Securities (Europe) Ltd., HSBC Bank plc, Eurobank Ergasias SA, Alpha Bank AE, NBG Securities SA and Piraeus Bank SA are dealer managers. Lucid Issuer Services Ltd. is tender agent.

Hellenic Petroleum is an Athens, Greece-based refiner.

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