Greece’s €3 Billion Offerings

August 1, 2017

Cleary Gottlieb represented the Hellenic Republic in its offering of €3 billion aggregate principal amount of 4.375 percent notes due 2022.

The transaction comprised both a new money offering and a novel “switch and tender” offer in respect of an outstanding series of notes. BNP Paribas, Citigroup Global Markets Limited, Deutsche Bank Aktingesellschaft, HSBC, Goldman Sachs International and Merrill Lynch International acted as joint lead managers for the new notes offering. The new notes offering and the switch and tender offer both settled on August 1, 2017.

This transaction represents Greece’s return to the international capital markets for the first time since 2014. The transaction was described by the office of Greek prime minister, Alexis Tsipras, as “a significant step, part of Greece’s strategy to regain viable and steady access to international markets.” Cleary also represented Greece in its 2014 bond offerings.