The offering of its seven-year bond is expected to close tomorrow with oversubscription to raise up to €350 million is expected to close tomorrow with oversubscription, raising up to €350 million. The minimum threshold has been set at €330 million; if the offering falls below this amount, it will be canceled and the funds will be returned to those who participated in the public offering.
According to reports, by noon yesterday, the first day of the public offering, bids totaling €325 million had been received, primarily from Greek retail investors. Based on the data available as of noon yesterday, banking executives estimated that the most likely scenario is for the yield to settle at the lower end of the range, i.e., close to 4.20%. It should be noted that the range has been set between 4.20% and 4.50%.
The Subscription
The same sources reported that the public offering will be successfully completed, as it closes tomorrow. If demand does not reach €330 million, then the issue will be canceled and the funds committed by investors will be returned.
This is a Mini Bond issue, meaning a corporate bond traded on the Athens Stock Exchange. The face value of each bond is €1,000, which individuals can purchase from banks, brokerage firms, and investment companies.
The Allocations
Of this amount, approximately €320 million will be allocated for the full early repayment of the 2020 bond issue, through the exercise of the relevant early redemption right on July 21, 2026.
The remaining funds, after deducting issuance costs, will be directed toward the financing needs of Lamda Development and its subsidiaries, including working capital requirements, interest payments, and other financial obligations.