According to Bernitsas, "the transaction attracted significant interest from approximately 200 institutional investors, with 57% placed among asset managers, insurance companies and pension funds, 27% with banks and private banks, 13% with hedge funds and 3% with other investors. The total order book of the transaction exceeded EUR 2.7 billion, reflecting an oversubscription of 5.4 times compared to an initial issuance target of EUR 500 million, while more than 75% of the issue has been allocated to international institutional investors. The funds raised through the issue of the new notes will be used by PFF to finance the tender offer and further solidify its capital position."