Georgia Capital accepts $176.52 million of 6 1/8% notes via tender

By Mary-Katherine Stinson

Lexington, Ky., Aug. 9 – JSC Georgia Capital gave results of its cash tender offer for its outstanding $300 million 6 1/8% notes due 2024 (ISINs: XS1778929478, US373143AA49), according to an announcement.

As of the expiration of the offer at 11:59 p.m. ET on Aug. 8, the company has accepted $176,521,000 tendered notes for purchase at a consideration of $1,001.07 per $1,000 in principal amount of the notes.

Pricing was based on the ¼% U.S. Treasury due March 15 2024 and a 50 basis points fixed spread, with a minimum purchase price of par. Accrued interest will also be paid to the payment date.

The offer was conditioned on a new financing condition, which has been satisfied.

The withdrawal deadline was 5 p.m. ET on Aug. 8.

Pricing took place around 4 a.m. ET on Aug. 9.

The payment date is expected to be Aug. 10.

J.P. Morgan Securities plc is the dealer manager (+44 20 7134 2468, em_europe_lm@jpmorgan.com).

Kroll Issuer Services Ltd. is the tender and information agent (Jacek Kusion: +44 20 7704 0880, gcap@is.kroll.com, https://deals.is.kroll.com/gcap).

The purpose of the tender offer was to help the issuer meet its deleveraging target and extend its debt maturities.

The issuer intends to cancel the tendered notes accepted for purchase plus $106,878,000 in total principal amount owned by the issuer. In total, $283,399,000 in total principal will be canceled.

Following settlement and cancellation, $16,601,000 will remain outstanding.

Following the conclusion of the offer, the issuer stated it intends to exercise its right to redeem the remainder of the notes under the optional redemption and make-whole provision of the notes.

As previously reported, the company also launched an offering of $150 million of notes on July 12.

Tendering noteholders could be given priority in the allocation of the new notes, which were expected to price before the expiration of the tender offer.

Georgia Capital is a Tbilisi, Georgia-based holding company focused on investment in developing businesses in Georgia.

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