BGEO Group PLC’s banking business subsidiary, JSC Bank of Georgia successfully priced an inaugural GEL 500 million offering of 11.00% notes due June 2020 (the Notes).
The Notes are denominated in GEL and are expected to settle on 1 June 2017. The Reg S/ Rule 144A senior unsecured Notes are being issued and sold at an issue price of 100.00%. J.P. Morgan and Renaissance Capital are acting as Joint Bookrunners for the Notes, and Galt & Taggart is acting as a Co-Manager.
Dechert LLP and Baker & McKenzie LLP are acting as legal advisors to the Joint Bookrunners and the Bank, respectively.
The Notes are expected to be listed on the Irish Stock Exchange and to be rated BB- (Fitch) and Ba3 (Moody’s). On closing, the issuance is expected to be the first international local currency bond offering from the wider CIS region (excluding Russia) in the past ten years and represent a landmark transaction for Georgia.