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MINISTRY OF FINANCE
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PRESS
RELEASE FOR
IMMEDIATE RELEASE
9
March 2012
Of
the approximately €177 billion of bonds issued by the Republic and governed by
Greek law and subject to the invitations, the Republic has received tenders for
exchange and consents from holders of approximately €152 billion face amount of
bonds, representing 85.8% of the outstanding face amount of these bonds. Holders of 5.3% of the outstanding face
amount of these bonds participated in the consent solicitation and opposed the
proposed amendments. The Republic has
advised its official sector creditors that upon confirmation and certification
by the Bank of Greece as process manager under the Greek Bondholder Act (Law
4050/2012), it intends to accept the consents received and amend the terms of
all of its Greek law governed bonds, including those not tendered for exchange
pursuant to the invitations, in accordance with the terms of the Greek
Bondholder Act. Accordingly, the Republic will not extend the invitation period
for its bonds governed by Greek law.
The
Republic has also received tenders for exchange and consents to the proposed
amendments from holders of approximately €20 billion aggregate face amount, or 69%,
of its bonds issued under laws other than Greek law and of bonds issued by
state enterprises and guaranteed by the Republic selected to participate in the
invitations. If the consents to the
proposed amendments to the Republic’s Greek law bonds are accepted, the sum of
the face amount of those bonds that will be exchanged and of the other bonds
subject to the invitations for which the Republic has received tenders for
exchange and consents to the proposed amendments will total approximately €197
billion, or 95.7% of the total face amount of the bonds subject to the
invitations.
The
Republic has decided to extend the invitation period in respect of each series
of its bonds issued under laws other than Greek law and of bonds issued by
state enterprises and guaranteed by the Republic until 9:00 p.m. (C.E.T.) on 23
March 2012, to allow holders of those bonds who have not yet tendered them for
exchange or submitted consents to do so, and has deferred the settlement date
for the exchange only securities listed in its exchange offer only invitation
of 24 February 2012 until11 April 2012.
Accordingly, the period for submission of participation instructions pursuant
to the invitations with respect to the bonds identified as Foreign Law Republic
Titles, Foreign Law Guaranteed Titles, Republic Titles, Guaranteed Titles,
Guaranteed Titles in Physical Form and Swiss Bonds in the relevant invitation
memorandum has been extended until 23 March 2012 at 9:00 p.m. (C.E.T) (which
will become the “Expiration Deadline” for purposes of such invitations). However, holders of such bonds will not have
the right to revoke any participation instructions previously submitted, unless
otherwise permitted pursuant to the relevant invitation.
In
addition, Minister Venizelos confirmed that the Republic intends to issue an
invitation to the holders of Greek law governed bonds issued by state
enterprises and guaranteed by the Republic, including bonds that have been
tendered in the exchange offer but have not been accepted by the Republic,
soliciting consents to amend these bonds as contemplated by the Greek
Bondholder Act in a manner similar to the amendments proposed for the Republic’s
bonds governed by Greek law.
Minister
Venizelos stated «On behalf of the Republic, I wish to express my appreciation
to all of our creditors who have supported our ambitious program of reform and
adjustment and who have shared the sacrifices of the Greek people in this
historic endeavour. With the support of
our official sector and private creditors, Greece
will continue implementing the measures needed to achieve the fiscal
adjustments and structural reforms to which it has committed, and that will
return Greece
to a path of sustainable growth. Our
invitations to offer to exchange, and submit consents with respect to, foreign
law governed and guaranteed bonds will remain open until 23 March 2012, after
which there will be no further opportunity for creditors holding those
instruments to benefit from the package of EFSF notes, co-financing and GDP
linked securities which form an important and integral part of our
invitations.»
Deutsche
Bank AG, London Branch, and HSBC Bank plc act as closing agents for the
invitations made outside the United States ,
and Bondholder Communications Group LLC and Hellenic Exchanges, S.A.
act as the joint Information, Exchange and Tabulation Agent.
The
full terms of each invitation have been made available in electronic form only
through www.greekbonds.gr. In
order to participate in an invitation, holders will need to comply with the
procedures and offer and distribution restrictions described in the Republic’s related
invitation memorandum available online at www.greekbonds.gr. The Republic reserves the right at its option
and its sole discretion at any time before acceptance by it of any securities
subject to the invitations to extend the deadline for, re-open or amend any
invitation for any series of securities subject to the invitations, delay the
acceptance of any participation instructions or withdraw any invitation.
# # # #
No
offer or invitation to acquire or exchange any securities is being made
pursuant to this announcement in any jurisdiction. Nothing in this announcement constitutes an
invitation to participate in any of the transactions referred to in this
announcement which have only been made through an invitation memorandum made
available by the Hellenic
Republic . The terms and conditions of the transactions
referred to in this announcement are as set out in the related invitation
memorandum. Invitations to participate
in the transaction referred to herein have only been made to holders who are
eligible to participate in accordance with all applicable laws and the offer
and distribution restrictions included in the related invitation memorandum.
This
announcement does not constitute an offer of securities for sale in the United States , Australia ,
Canada or Japan or elsewhere by the Hellenic Republic
or any other sovereign or any other entity.
Any securities that are ultimately offered pursuant to the invitations
referred to herein will not be registered under the U.S. Securities Act of
1933, as amended (the “Securities Act”), and may not be offered or sold in the
United States or to U.S. persons absent registration or an exemption from the
registration requirements of the Securities Act. Any offer of securities has been made only by
means of an invitation memorandum made available by the Hellenic Republic
to persons eligible to receive the invitation memorandum and the offer of
securities made therein.
This
announcement and the information contained herein may not be distributed or
sent into the United States, and should not be distributed to United States
persons or to publications with a general circulation in the United States. All dealers effecting transactions in the United States in any of the securities delivered
by the Hellenic Republic pursuant to an invitation
memorandum may be required to deliver a prospectus relating to such securities
for 40 days after the settlement date.
This
announcement is not an offer to exchange, or a solicitation to invest in,
securities issued or guaranteed by the Hellenic Republic addressed to any
investor resident or located in Switzerland.
Investors located in Switzerland
may deliver proxies in respect of the consent solicitation (but may not
participate in any exchange offer) to which this announcement relates in
accordance with the procedures described in the related invitation memorandum.
This
announcement is only being distributed to and is only directed at, and an
invitation memorandum may only be distributed directly or indirectly (i) in
Austria to qualified investors, (ii) in Belgium to qualified investors acting
for their own account, (iii) in France to persons licensed to provide portfolio
management investment services for the account of third parties and qualified
investors investing for their own accounts, (iv) in the Grand Duchy of
Luxembourg to qualified investors, (v) in Spain to qualified investors, (vi) in
the United Kingdom to investment professionals, high net worth companies and
any other person to whom this announcement may lawfully be communicated under
the laws of the United Kingdom.
The
distribution of this announcement in certain other jurisdictions may also be
restricted by law. Persons into whose
possession this announcement comes are required by the Hellenic Republic to
inform themselves about and to observe any such restrictions. This announcement does not constitute an
offer to buy or a solicitation of an offer to sell securities, and tenders of
securities pursuant to this announcement will not be accepted by or on behalf
of the Hellenic Republic.
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