Corporate Trust Connection

Greece Sees Pick Up in DCM Activity

Folli Follie, the Greek-based company active in the fields of duty free, manufacturing of jewellery, as well as apparel and footwear has raised GBP 250m via a convertible bond issued in June, which marks the first equity linked transaction from a Greek corporate since the financial crisis. The bond priced at the high end of the estimated range at 1.75%, with the proceeds being used to pay down existing debt.

U.S. Bank Global Corporate Trust Services played a central role in the bond, acting as Trustee, Paying Agent and Conversion Agent on the deal.

“We certainly welcome the opportunity to assist on transactions from regions such as Greece and look forward to seeing new and innovative structures come to market”, said Tom Cubitt, head of U.S. Bank Global Corporate Trust Services - Europe.

Greece has witnessed an increase in structured finance opportunities, such as Pangaea Funding - the first pure Greek CMBS deal which closed in August. The deal is a five year, single tranche EUR 237.5m transaction backed by a property portfolio consisting predominantly of branches owned by the Bank of Greece. The underlying borrower, NBG Pangaea is Greece’s largest real estate investment company and issued the notes to finance a portfolio valued at EUR 476.36m.

U.S Bank Global Corporate Trust Services is appointed as Note and Security Trustee, Paying Agent, Account Bank, Cash Manager, Faculty Agent, Common Depositary and also acted as Settlement Agent.

“It’s great to be chosen on a headline deal such as this which compliments the already strong existing book of CMBS deals we administer", said Michael Whelan, Head of Relationship Management for U.S. Bank Global Corporate Trust Services. “It’s also a good opportunity to work with Cairn Capital as arranger, who we have partnered with before on previous deals of this nature - it’s a real testament of our ability to assist in the closing and execution process by providing additional services such as settlement agent”.

For further information regarding U.S. Bank Global Corporate Trust Services and a full list of the core products and services offered, visit us online at: usbank.com/corporatetrust.

U.S. Bank Global Corporate Trust Services is a trading name of Elavon Financial Services Limited (a U.S. Bancorp group company), registered in Ireland with the Companies Registration Office, Reg. No. 418442. The liability of the member is limited. Registered Office located at Block E, First Floor, Cherrywood Business Park, Loughlinstown, Co. Dublin, Ireland. United Kingdom branch registered in England and Wales under the number BR009373. U.S. Bank Global Corporate Trust Services acts through the United Kingdom branch from its office located at 125 Old Broad Street, Fifth Floor, London, EC2N 1AR. Authorised by the Central Bank of Ireland. Regulated for conduct of business in the UK on a limited basis by the Financial Conduct Authority and Prudential Regulation Authority.
All trustee roles mentioned herein are performed by U.S. Bank Trustees Limited (a US Bancorp group company), a limited company registered in England and Wales under the number 2379632 and having its registered office at 125 Old Broad Street, Fifth Floor, London, EC2N 1AR.
U.S. Bank is not affiliated with the entities or organisations mentioned.
U.S. Bank Global Corporate Trust Services • 125 Old Broad Street, Fifth Floor • London, EC2N 1AR
© 2014 U.S. Bank, Global Corporate Trust Services. Member FDIC. All rights reserved.