Piraeus bank announced the completion of its offer to repurchase its outstanding preferred stocks and subordinated debt securities.
Standard & Poor΄s Ratings Services announced yesterday it has raised to ΄CC΄ from ΄D΄ its issue ratings on its non-deferrable subordinated notes issued by Piraeus Group Finance PLC and guaranteed by Piraeus Bank. In other news the Hellenic Market Committee approved yesterday the prospectus for the capital raise.
Shares will be suspended for a 4 trading day period and commence trading post the 1 for 10 reverse split and ex-rights on Tuesday June 11th.
The rights to the EUR 6.9bn offering will begin trading on the same day (June 11th) as will the subscription period for the offering. The rights will trade until June 18th while the subscription period will end on June 25th. Finally, as per the timeline the new shares and any associated warrants are expected to begin trading on July 5th.
(source: Capital)
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