Piraeus Bank has released the terms of its earlier planned €800 million rights issue, The Wall Street Journal reports. The Greek bank has decided to price 807 million shares at €1 per share at a subscription ratio of 12 new ordinary shares for every five existing shares.
Piraeus is also seeking to raise up to €1.05 billion in fresh capital and expects to get €250 million from convertible bonds. Barclays Capital, Credit Suisse, Goldman Sachs International and Morgan Stanley are acting as joint global coordinators and lead arrangers for the issue.
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