Hellenic Petroleum accepts tenders for €225 million of 8% notes

New York, Oct. 11 – Hellenic Petroleum SA said it will buy €225,001,000 of subsidiary Hellenic Petroleum Finance plc’s €489,932,000 of 8% notes due May 2017 in its tender offer for the debt.

The company accepted all €203,161,000 of notes received under priority allocation instructions and €21,840,000, or 28.667%, received under tender-only instructions.

The tender ended at 10 a.m. ET on Oct. 6.

Following settlement, expected for Oct. 14, there will be €264,381,000 of the notes outstanding.

Completion is subject to satisfaction of the new financing condition.

Hellenic Petroleum Finance priced €375 million of new 4 7/8% notes due 2021 on Friday.

Tenders from holders who subscribed for new notes were given priority in the tender offer.

The offer began on Sept. 29.

At that time, 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 cap was set so that the total amount payable will be no more than the cash raised from the new notes.

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

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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