Milbank advised Piraeus Financial Holdings S.A. on the issuance of €600 million Fixed Rate Reset Additional Tier 1 Perpetual Contingent Temporary Write-Down Notes (“AT1 Notes”), the first such AT1 instrument issued by a Greek bank.
The net proceeds from the issue of the AT1 Notes will be used for general corporate and financing purposes of the Piraeus Group and to further strengthen its capital base and capital adequacy ratios.
Goldman Sachs and UBS acted as Global Coordinators and Joint Bookrunners and Credit Suisse, Deutsche Bank and Morgan Stanley as Joint Bookrunners of the issue.
The London-based Milbank team was led by Leveraged Finance/Capital Markets partner Apostolos Gkoutzinis and Alternative Investments partner James Warbey and associates Martin Brennan (Alternative Investments), Iakovos Anagnostopoulos and Chara Makrygianni (both Leveraged Finance/Capital Markets).
