Greece Details Payments to Advisers Used in Debt Restructuring
Payments to Lazard Ltd. (LAZ), which acted as financial adviser to the transaction, are capped at 25 million euros, while Cleary Gottlieb Steen & Hamilton (1138L), the law firm acting on the agreement, has so far received 6.5 million euros, the ministry said in an e-mailed statement late yesterday. As much as 4 million euros will be paid to the closing agents on the transactions, which the Feb. 24 public offer document for the swap identified as Deutsche Bank AG (DBK) and HSBC Holdings Plc. (HSBA)
Greece used collective action clauses on March 9 to ensure that holders of 197 billion euros of bonds take a 53.5 percent reduction in the face value of securities in the exchange; the cut is linked to a 130 billion-euro bailout from the European Union and the International Monetary Fund.
Investors holding about 9 billion euros of bonds governed by laws other than those of Greece have until tomorrow to decide whether to participate in the swap.
Legislation approved by parliament yesterday also authorizes payment of as much as 3.4 million euros to the Institute of International Finance, which represented creditors in the debt-swap negotiations, to cover legal fees.
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