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BANKING, FINANCE & CAPITAL MARKETS

We regularly advise on some of the largest and most complex Banking, Finance and Capital Markets transactions that take place in the Greek market.
 
CORPORATE GOVERNANCE & REGULATORY COMPLIANCE
 

Our team is consistently rated a market leader and has received numerous awards and international recognitions. Clients include major international investment and merchant banks, financial institutions, arrangers, investment managers, credit enhancers and Greek banks. In recent years, our team advised the international underwriters in the largest equity offering of a Greek bank. We also advise on regulatory matters including Hellenic Capital Market Commission and Athens Stock Exchange regulations, TR-1 filings, MTOs and VTOs and participation in share capital increases of listed companies.

Our Banking team advises on both transactional and regulatory matters relating to the Greek banking system, as well as on the formation of credit and finance institutions and regulation of disposals of banking assets and loan portfolios. We are one of the few Greek law firms that have advised the buyers and executed transactions involving acquisitions of Greek loan portfolios from banks based in Greece by international investors.

Our team advises on domestic and international bank financing transactions across many sectors including projects, real estate, renewable energy sources, gaming, telecoms and asset acquisition. We regularly represent both lenders and arrangers in large and complex financings and restructurings.

We are also among the few Greek law firms that have advised the lenders in a transaction that included a convertible and simultaneously exchangeable bond loan to a Greek parent and subsidiary that were both listed on the Athens Stock Exchange.

Our Capital Markets team advises on both equity and debt capital markets transactions and has a track record in representing underwriters in equity and debt offerings as well as IPOs.

 
‘hardworking’ and ‘diligent’ team
Papapolitis and Papapolitis is ranked as a Financial and Corporate Recommended Firm by the IFLR 1000 Guide to the World's Financial Law Firms 2016.
Papapolitis & Papapolitis is ranked by Chambers Global 2016 for its work in Banking & Finance.
Papapolitis & Papapolitis has ‘a very strong team with in-depth knowledge across the board’ that ‘delivers results’ and is praised for its ‘thought leadership and thorough analysis on specialised topics’.
Nicholas Papapolitis receives the International Law Office (ILO) Client Choice Award 2016, Capital Markets, Greece. Please click here to view the press release.
Papapolitis and Papapolitis is ranked as a Financial and Corporate Recommended Firm by the IFLR 1000 Guide to the World's Financial Law Firms 2015. Papapolitis & Papapolitis is arguably strongest in M&A, although it has a good spread of mandates across financial and corporate. One client highlights the firm’s 'excellent availability and clarity of advice'.
Papapolitis & Papapolitis has ‘an exceptional, customer-focused approach’. 
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REPRESENTATIVE MATTERS
November 2019
Mytilineos €500 Million International Bond Offering
Papapolitis & Papapolitis advised the underwriters J.P. Morgan Securities Plc., Citigroup Global Markets Limited, HSBC Bank Plc., Goldman Sachs International, Nomura International Plc., Credit Suisse Securities (Europe) Limited, Eurobank Ergasias S.A., Alpha Bank S.A., National Bank of Greece S.A. and Piraeus Bank S.A. in connection with Mytilineos S.A.'s €500 Million international bond offering. Latham & Watkins (London) acted as international counsel to the underwriters.
September 2019
Piraeus Bank Financing - IASO Acquisition
Papapolitis & Papapolitis has advised Piraeus Bank in relation to a financing agreement towards Oaktree Capital for the acquisition of IASO S.A., a Greek listed hospital group and one of the largest private Healthcare groups in Greece.
July 2019
€175 Million Attica Holding S.A. Bond Issue
Papapolitis & Papapolitis advised on the €175Million Attica Holdings bond issuance on the first ever public offered and listed bond issue in Greece secured with with real security (ferry vessels). P&P acted for the lead underwriters (Eurobank S.A. and Piraeus Bank S.A.) in relation to all aspects of the issuer's legal due diligence, prospectus drafting, bond programme and the bond's offering and listing with the Athens Stock Exchange.
June 2019
Invel acquisition of NBG Pangaea REIC
Papapolitis & Papapolitis advised Invel Real Estate (Invel), on the completion of Invel's acquisition of a 32.7% stake in NBG Pangaea REIC (“Pangaea”) for a consideration of €390 million, from the National Bank of Greece (“NBG”), in one of the largest M&A and real-estate transactions to take place in Greece.  The P&P team also advised Invel on the debt financing it received from Piraeus Bank, the European Bank for Reconstruction and Development (EBRD), Astro Bank and Hellenic Bank.
April 2019
Shipping finance transaction
Papapolitis & Papapolitis acted as lender's counsel for an international leading bank in relation to a multi-million shipping finance transaction towards a Nasdaq listed shipping company.
March 2019
Piraeus Bank Sale of NPL Portfolio
Papapolitis & Papapolitis acted for Piraeus Bank in relation to the sale of a corporate non-performing loan portfolio in the gaming and hospitality industry.
October 2018
Acquisition of €1.2BN NPL Portfolio
Papapolitis & Papapolitis acted for a $75bn international investment group in their bid to acquire a €1.2bn NPL commercial real-estate portfolio from a Alpha bank.
September 2018
Acquisition of 200MW Wind Park Portfolio
Papapolitis & Papapolitis acted for a $75bn global investment firm in its acquisition and project financing of a 200MW portfolio of wind parks located throughout in Greece.
August 2018
Acquisition of €1.5Bn NPL Portfolio
Papapolitis & Papapolitis acted for a $175bn alternative investment manager in their bid to acquire a €1.5bn NPL commercial real-estate portfolio from Piraeus Bank.
July 2018
Proposed Initial Public Offering of Food Manufacturing Company
Papapolitis & Papapolitis acted for the joint global coordinators in connection with a proposed initial public offering and dual listing of a food manufacturing company.
May 2018
Acquisition of Ideal Standard S.A.
Papapolitis & Papapolitis acted for Anchorage Capital Group LLC and CVC Capital Partners in relation to their investment in Ideal Standard S.A.
April 2018
GEK Terna Group €120 Million Eurobond
Papapolitis & Papapolitis acted for the GEK Terna Group, one of the largest Greek construction companies, as Issuer's counsel in relation to the issuance of a €120 Million public traded bond. NBG Securities, Alpha Bank and Eurobank acted as underwriters for the public offer.
December 2018
Pillarstone Famar Restructuring
Papapolitis & Papapolitis advised Pillarstone (a KKR Credit pan-European platform) in its €234million multijurisdictional debt restructuring and recapitalisation of Famar AVE.
March 2018
Energean Oil & GAS $460Million IPO on the London Stock Exchange
Papapolitis & Papapolitis has advised Citigroup, Morgan Stanley and Stifel as joint global coordinators and joint bookrunners, Citigroup and Morgan Stanley as joint sponsors and RBC Capital Markets, Natixis and Societe Generale Corporate & Investment Banking as joint bookrunners on the Greek aspects of the US$460 million IPO of Energean Oil & Gas plc and its premium listing on the London Stock Exchange. Herbert Smith Freehills advised the joint bookrunners on  US/UK aspects and White & Case advised the Company. The IPO marks the first ever listing of a Greek company on the London Stock Exchange.    
December 2017
Pimco investment in Grivalia REIC
Papapolitis & Papapolitis acted for PIMCO in its investment in Grivalia REIC
June 2017
Cepal Hellas merger of Loan Servicing Company
Papapolitis & Papapolitis acted for a portfolio manager in its merger with Cepal Hellas the first company to be licensed as a loan servicing company by the Central Bank of Greece
June 2017
Varde Partners investment in Lamda Malls S.A.
We advised Värde Partners, a global alternative investment fund, in relation to its acquisition of  31.7% of Lamda Malls S.A. from Lamda Development S.A.
January 2017
Sale of €150 Million Corporate Portfolio from Eurobank Ergasias S.A.
Papapolitis & Papapolitis acted for a leading US global investment management firm in its acquisition of a €150 Million corporate loan portfolio from Eurobank Ergasias S.A.
December 2015
National Bank of Greece €1.16 Billion Liability Management Exercise and Equity Offering
Papapolitis & Papapolitis acted as local counsel to Goldman Sachs International, Morgan Stanley & Co International Plc, Nomura International plc, Commerzbank, NBG Securities, Keefe, Bruyette & Woods, BNP Paribas, HSBC Bank Plc as joint global coordinators and joint book runners in the context of the €1.16 Billion liability management exercise and equity offering by National Bank of Greece, issuing legal opinions and drafting the offering documents including the LME document, International Offering Memorandum and Greek Prospectus.
April 2015
GSO/Blackstone Group in Investment in Listed Real Estate Developer Lamda Development Acquiring c20% of the Company
Papapolitis & Papapolitis acted for the GSO/Blackstone Group in respect of its investment in the Greek listed real-estate development company Lamda Development SA. With this investment the GSO/Blackstone Group increased its shareholding participation in Lamda to circa 20%.
February 2015
Third Point Investment in Auto Insurer Hellas Direct
Papapolitis & Papapolitis advised Third Point Hellenic Recovery Fund in their investment in the auto insurer Hellas Direct, in what is currently the only investment initiated in 2015 by an international fund in Greece.
August 2014
Intracom Holdings €330 Million Sale of HOL to Vodafone Greece
Papapolitis & Papapolitis acted for Intracom Holdings in the €330 Million sale of Hellas Online, a leading provider of broadband and fixed telephony services listed on the Athens Stock Exchange, to Vodafone – Panafon Greece in the largest transaction in the telecom industry to take pace in Greece in 2014.
June 2014
Goldman Sachs and Morgan Stanley Underwriters in NBG's €2.5 Billion Equity Offering
Papapolitis & Papapolitis advised the joint global coordinators and joint book runners, Goldman Sachs International and Morgan Stanley & Co International, Citigroup Global Markets, HSBC Bank, Mediobanca–Banca di Credito Finanziario, Merrill Lynch International and UBS Limited in connection with an offering by National Bank of Greece of 1,136,363,637 new ordinary shares at €2.20 per share. The total gross proceeds from the offering amounted to €2.5 Billion.
June 2014
Morgan Stanley as Advisor to the HFSF for €2.86 Billion Eurobank Share Capital Increase
Papapolitis & Papapolitis acted on behalf of Morgan Stanley & Co International in its role as a financial advisor to the Hellenic Financial Stability Fund in the €2.86 Billion share capital increase of Eurobank Ergasias.
May 2014
Paulson & Co in its Acquisition of 5% of Alpha Bank and Piraeus Bank and 10% of water utility company EYDAP
Papapolitis & Papapolitis acted for Paulson & Co in relation to its 5% acquisition of Alpha Bank and Piraeus Bank.
May 2014
Paulson & Co. in Investment in EYDAP
Papapolitis & Papapolitis acted for Paulson & Co in its acquisition of 9.9% of the share capital of the Athens Water Supply and Sewerage Company (EYDAP).
March 2014
BlackRock Solutions in its Diagnostic Assessment of the Greek Banking System
A team led by Nicholas Papapolitis advised international advisory firm BlackRock Solutions in respect of their diagnostic assessment of the loan portfolios of a select group of Greek commercial banks following BlackRock’s engagement by the Bank of Greece. The assessment consisted of the four workstreams Asset Quality Review, Credit Loss Projections, Troubled Asset Review and Foreign Loan Books Review.
February 2014
Apollo Capital Management in Eurobank's €2.86 Billion Share Capital Increase
Papapolitis & Papapolitis acted for Apollo Capital Management in relation to the €2 Billion share capital increase of the leading Greek bank, Eurobank SA, launched by the Hellenic Financial Stability Fund.
January 2014
Louis Dreyfus in Dispute with the Agricultural Bank of Greece
Papapolitis & Papapolitis acted for Louis Dreyfus Commodities Suisse, a world leader in the processing of agricultural products and the merchandising of a diverse range of commodities, in their €5 Million civil dispute with the Agricultural Bank of Greece.
January 2014
York Capital in its €125 Million Investment in Invel Real Estate’s €653 Million Acquisition of 66% of NBG Pangaea REIC
Papapolitis & Papapolitis acted for investment management firm York Capital Management (UK) Europe Advisors, in respect of their investment in Invel Real Estate Partners’ €653 Million acquisition of a 66% stake in NBG Pangaea Real Estate Investment Company from the National Bank of Greece. The team advised on the negotiation of the terms of York’s €125 Million investment and on banking, regulatory, capital markets, corporate and antitrust matters, working alongside counsel in the UK, Italy, The Netherlands and Luxembourg.
December 2013
York Capital Management in €100 Million Investment in the GEK Terna Group
Papapolitis & Papapolitis acted for York Capital Management in respect of their agreement with the GEK Terna Group, pursuant to the terms of which York Capital invested €100 Million in GEK by fully subscribing to the issuance of a 5 year bond loan, mandatory convertible partly to new GEK shares and partly exchangeable with existing Terna Energy shares owned by GEK. York Capital also acquired 9.99% of GEK’s share capital through a share capital increase and 3% of Terna Energy’s share capital previously held by GEK. York Capital’s investment signifies one of the largest foreign direct investments in a privately held Greek company during 2013.
November 2013
Third Point in its €40 Million Participation in Hellenic Bank's Share Capital Increase
Papapolitis & Papapolitis acted for Third Point in its €40 Million investment in the Cypriot based Hellenic Bank following their recapitalization to reach a core TIER1 capital ratio of 9%, in accordance with the requirements laid out in PIMCO’s due diligence report on Cypriot banks.
February 2013
The Baupost Group in its Investment in OPAP
Papapolitis & Papapolitis acted for US hedge fund the Baupost Group in relation to the submission of regulatory filings to the Hellenic Capital Markets Commission for the disclosure of the 5% shareholding participation in the listed Greek gaming company OPAP.
May 2013
York Capital Management in its $500 Million Joint Venture with Costamare
Papapolitis & Papapolitis acted as co-counsel with Reed Smith to York Capital Management Global Advisors in relation to their entry into a joint venture framework deed with NYSE listed shipping company Costamare, to jointly invest up to c.$500 Million in equity for the acquisition of container vessels.
May 2013
Third Point Hellenic Recovery Fund in its €60 Million Investment in Energean Oil and Gas
Papapolitis & Papapolitis acted as Greek Counsel to Third Point Hellenic Recovery Fund in its $60 Million investment in Energean Oil and Gas.
March 2013
Third Point LLC in its Participation in the OPAP Privatization
Papapolitis & Papapolitis acted as Greek Counsel to Third Point LLC, in relation to Third Point’s bid in the OPAP Privatization process.
January 2013
PIMCO Europe in the Due Diligence of the Banking System of Cyprus
Papapolitis & Papapolitis acted for Pacific Investment Management Company (PIMCO) as Greek counsel, in relation to the independent due diligence of the banking system of Cyprus.
November 2012
First Business Bank in Debt Restructuring
We acted as lender’s counsel to First Business Bank in relation to the debt restructuring of a €15 Million shipping loan.
January 2016
Intracom / Teledome Dispute
Papapolitis & Papapolitis successfully represented Intracom Holdings SA (Intracom) in the appeal of the decision of the Court of First Instance in their €89.5 Million dispute with Teledome SA and Teledome’s shareholders, made up of 3 lawsuits.
July 2019
Invel Mandatory Tender Offer for NBG Pangaea REIC
Papapolitis & Papapolitis acted for Invel Real Estate II BV, in relation to the Mandatory Tender Offer launched post Invel's acquisition of the 32.7% stake of National Bank of Greece in NBG Pangaea REIC.
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