Constant and Constant Greece (the international affiliate of TLT) advises Piraeus Bank S.A. on landmark Euronext Athens listing

Constant and Constant Greece and UK law firm TLT has advised Piraeus Bank S.A. in its role as listing adviser on the dual listing of Safe Bulkers, Inc. on the Regulated (Main) Market of Euronext Athens.

Piraeus Bank is a Greek multinational financial services company headquartered in Athens, while Safe Bulkers, Inc. is an international provider of marine dry bulk transportation services. Safe Bulkers transports key commodities, including coal, grain and iron ore, for major global customers and its shares are already listed on the New York Stock Exchange. The company operates a fleet of 45 vessels, with a further 11 under construction.

The deal marks a milestone, representing the first time a Greek shipping company listed in New York has also been admitted to trading on Euronext Athens, in a move expected to open the door for similar listings.

Constant and Constant Greece/TLT carried out a detailed legal due diligence review under English law. The team reviewed a wide range of key commercial and financing documents, including loan facilities, guarantees, charter arrangements and fleet management agreements, to identify potential issues that could impact the company or arise as a result of the listing. The team was led by Jeremy Watson, Managing Partner in the TLT Piraeus office, with assistance from Stelios Andriotis, Partner alongside UK-based team Elizabeth Delaney and Peter Carney, Partners.  

The firm also worked closely with Greek legal counsel, Potamitis Vekris Law Partnership, to review the company’s listing prospectus and ensure all legal requirements were met.

Commenting on the deal, Jeremy Watson, Managing Partner in the TLT Piraeus office said: “This was a complex, fast-moving transaction requiring close cross-border coordination and around-the-clock support. In collaboration with our Partners, and with valuable support from TLT colleagues in the UK, we were able to make history together and open up a new pathway for other companies to follow.”

Constantine Adamopoulos Chief Financial Officer at Safe Bulkers, Inc. added: The listing process was highly complex and required careful management at every stage. Constant and Constant/TLT’s advice was precise, responsive and highly detailed throughout, and played an important role in helping us complete the transaction on time.

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