Aktor is proceeding with the issuance of a common bond loan worth up to €140 million, with a five-year duration, which will be distributed through a Public Offer to the general public. The offering price is set at par value, i.e., at €1,000 per bond, while the yield will range from 4.70% to 5.00%, with the final interest rate to be determined through the Electronic Order Book procedure. The bonds will not have special guarantees, except for a guarantee on a bank account, and will be introduced for trading in the Fixed Income Category of the Athens Stock Exchange. Registrations begin on December 9 and are completed on December 11, 2025, with at least 30% of the total amount targeted at private investors. The move is part of the group’s financial strategy, aiming to strengthen its capital structure and expand its shareholder base.
Aktor’s official announcement follows
Under the decision dated 28.11.2025 of the Board of Directors of “AKTOR ANONYMOUS COMPANY OF PARTICIPATIONS, TECHNICAL AND ENERGY PROJECTS” (hereinafter the “Issuer” or “Company”), the Issuer, among other things, decided:
(a) the issuance of a common bond loan (hereinafter the “Bond Loan” or “CBL”) by the Company, based on the provisions of articles 59 – 74 of Law 4548/2018 as in force and the provisions of Law 3156/2003 that remain in force (the “Issue”), with a total principal amount of up to €140 million, with a duration of five (5) years, divided into up to 140,000 dematerialized, common, registered bonds with a nominal value of €1,000 each (hereinafter the “Bonds”), with a minimum issuance amount of €90 million, as well as the approval of the specific terms of the Bond Loan, which constitute the CBL program (hereinafter the “CBL Program”),
(b) that the Bonds will not be secured with real or personal securities, except for a pledge on a bank account of the Company, in which the Company will ensure that the amounts provided for in detail in the terms of the CBL Program are deposited.
(c) that the Bonds will be offered for coverage through a Public Offer to the entire investment community within the Greek Territory, i.e., to professional and retail investors, within a period of three (3) working days during which the coverage of the Bond Loan will be conducted (hereinafter the “Public Offer”), using the Electronic Order Book service of the Athens Stock Exchange (hereinafter “E.O.B.”), will be registered in the Dematerialized Securities System (hereinafter “D.S.S.”) and will be introduced for trading in the Fixed Income Securities Category of the Regulated Market of the Athens Stock Exchange (hereinafter “A.S.E.”),
(d) that the offering price per Bond will amount to the par value of its nominal value, i.e., €1,000 per Bond,
(e) that the final yield of the Bonds and the (fixed) interest rate will be determined by the Coordinating Lead Underwriter, through the E.O.B. procedure, according to the specific provisions set out in the Prospectus, and will be announced by the Issuer in the Daily Price Bulletin (hereinafter “D.P.B.”) of the A.S.E. the next Working Day after the end of the Public Offer period,
(f) that the allocation of the Bonds to interested investors will be carried out according to the criteria and allocation percentages to each category of investors that will be detailed in the Prospectus, and
(g) to appoint “Piraeus Bank Anonymous Company” as the representative of the bondholders of the Bond Loan.
If the CBL is not covered for at least €90 million, the issuance of the Bond Loan will be canceled and the amount corresponding to the participation value that has been committed for each Private Investor will be released at the latest within two (2) working days without interest.
DETERMINATION OF FINAL YIELD AND INTEREST RATE OF BONDS THROUGH PUBLIC OFFER VIA ORDER BOOK
The determination of the yield and interest rate of the Bonds (hereinafter the “Interest Rate”) will be done through the order book procedure (“Book Building”), which will be maintained by the Coordinating Lead Underwriter and will be conducted through the E.O.B. procedure. Only Professional Investors participate in the E.O.B. procedure.
The Interest Rate and final yield will be determined by the Coordinating Lead Underwriter, within the yield range, through the E.O.B. procedure, according to the specific provisions set out in the Prospectus, which was approved by the Board of Directors of the Hellenic Capital Market Commission during the meeting of 03.12.2025 (hereinafter the “Prospectus”), will be approved by a person authorized by the Board of Directors of the Issuer and will be announced on the Company’s website and on the A.S.E. website no later than the next working day after the Public Offer period.
Furthermore, the final yield will be determined by the Coordinating Lead Underwriter within the yield range for participants in the E.O.B. procedure.
The yield range, which was determined by the Coordinating Lead Underwriter and within which Professional Investors will submit their Bond coverage applications (hereinafter the “Coverage Applications”), is as follows:
The final yield and Interest Rate will be notified to the Hellenic Capital Market Commission and will be published on the Issuer’s and A.S.E.’s websites no later than the next working day after the completion of the Public Offer.
The criteria and conditions based on which the final yield and Interest Rate will be determined include bond market conditions, the level of demand per yield from Professional Investors, the number and type of Professional Investors, the level of demand from Private Investors (to the extent that the final allocation to them exceeds the minimum allocation percentage of 30%) and the cost of servicing the bond issue that the Issuer intends to undertake.
Indicatively, if demand from Professional Investors covers the Issue up to the upper limit of the yield range, but simultaneously covers a significant portion of the Issue at a lower yield level, the lower yield may be selected, even if this results in a smaller amount of raised capital and subject to meeting the bond issuance prerequisite.
Simultaneously with the determination of the final yield, the final allocation of the Bonds will also be decided.
In any case, the Interest Rate will be determined within the above-mentioned binding yield range. The Interest Rate and offering price will be common for all investors, Professional Investors and Private Investors, who will participate in the Bond distribution through Public Offer.
