Hellenic Petroleum begins tender offer for 4 7/8% notes due 2021

By Angela McDaniels

Tacoma, Wash., Sept. 23 – Hellenic Petroleum Finance plc began a capped tender offer for its €449.53 million of 4 7/8% notes due 2021 guaranteed by Hellenic Petroleum SA, according to an announcement.

The indicative purchase price is 109.25% of par plus accrued interest.

The tender offer is subject to the successful completion of a new issue of euro-denominated fixed-rate notes.

The company plans to accept a principal amount of 4 7/8% notes such that the total amount payable, excluding accrued interest, is no greater than the lower of (A) the greater of (i) €225 million and (ii) the amount payable (excluding accrued interest) to noteholders and (B) the aggregate nominal amount of the new notes.

The new notes are expected to price Sept. 26. The expiration deadline for the tender offer is 11 a.m. ET on Sept. 27. The settlement date is expected to be Oct. 3.

In allocating the new notes, the company may give preference to noteholders who tender their 4 7/8% notes.

In addition, the company plans to accept 4 7/8% notes tendered by noteholders who intend to buy new notes in priority to notes tendered without allocation instructions.

The company said the purpose of the offer is to retire the notes prior to their maturity in order to improve its debt profile. The company expects to cancel any notes purchased in the offer.

The dealer managers are Alpha Bank AE (+30 210 326 8220 or dcm@alpha.gr), Citigroup Global Markets Ltd. (+44 20 7986 8969 or liabilitymanagement.europe@citi.com), Credit Suisse Securities (Europe) Ltd. (+44 20 7883 8763 or liability.management@credit-suisse.com), Eurobank Ergasias SA (+ 30 210 3718996 or LMG@eurobank.gr), Goldman Sachs International (+44 20 7552 6157 or liabilitymanagement.eu@gs.com), National Bank of Greece SA (+30 210 332 8851 or debtcapitalmarkets@nbg.gr), Nomura International plc (+44 20 7103 6597 or liability.management@nomura.com) and Piraeus Bank SA (+ 30 210 776 5341 or CustodyCorporateActions@piraeusbank.gr).

The tender agent is Lucid Issuer Services Ltd. (+44 20 7704 0880 or helpe@lucid-is.com).

Hellenic Petroleum is an Athens-based refiner.

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