Bank of Georgia launches tender offer for 6% notes due 2023

By Marisa Wong

Los Angeles, Sept. 20 – JSC Bank of Georgia announced on Tuesday an offer to purchase any and all of its $350 million outstanding 6% notes due July 26, 2023 (ISIN: US47973XAA90, XS1405775880) for cash.

The purchase price will be based on the 0.125% U.S. Treasury due July 15, 2023 and a fixed spread of 20 basis points.

Holders will also receive accrued interest on notes accepted for purchase.

No scaling factor will be applied to notes tendered and accepted for purchase.

The offer is not conditioned on any minimum amount of notes being tendered.

Of the $350 million principal amount outstanding, the issuer and its affiliates own $120,839,000.

The issuer said the purpose of the offer is to proactively manage its liabilities, given its strong liquidity position and current market volatility.

Timing details

Pricing will be determined at 10 a.m. ET on Sept. 27 and announced promptly after that.

The offer expires at 5 p.m. ET on Sept. 27.

Results will be announced on Sept. 28.

Tenders under guaranteed delivery procedures are due by 5 p.m. ET on Sept. 29.

Settlement is expected to be on Sept. 30.

The dealer manager for the tender offer is Citigroup Global Markets Ltd. (+44 20 7986 8969, 800 558-3745, 212 723-6106; liabilitymanagement.europe@citi.com).

The information and tender agent is Citibank, NA, London Branch (https://debtxportal.issuerservices.citigroup.com; +44 20 7508 3867; citiexchanges@citi.com).

The commercial bank is based in Tbilisi, Georgia.

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