Chicago, April 10 – JSC Bank of Georgia priced $300 million of 9˝% perpetual subordinated callable additional tier 1 notes (B2//B-), according to a news release and a notice.
The bank will have the option to call the notes after 5.5 years in 2029.
J.P. Morgan Securities plc, Citigroup Global Markets Inc. led the sale as joint lead managers and joint bookrunners. BCP Securities was listed as a joint bookrunner.
The notes will be listed on Euronext Dublin.
The issuer is a subsidiary of Bank of Georgia Group plc, a Tbilisi, Georgia-based retail lender.
| Issuer: | JSC Bank of Georgia
|
| Amount: | $300 million
|
| Issue: | Subordinated callable additional tier 1 notes
|
| Maturity: | Perpetual
|
| Bookrunners: | J.P. Morgan Securities plc, Citigroup Global Markets Inc. (joint lead managers), BCP Securities (joint bookrunners)
|
| Co-managers: | Galt & Taggart
|
| Counsel to issuer: | Dentons Georgia LLC, Baker & McKenzie LLP
|
| Counsel to underwriters: | Latham & Watkins (London) LLP
|
| Coupon: | 9˝%
|
| Price: | Par
|
| Yield: | 9˝%
|
| Call features: | 5.5 years
|
| Trade date: | April 10
|
| Settlement date: | April 16
|
| Ratings: | Moody’s: B2
|
| Fitch: B-
|
| Distribution: | Rule 144A and Regulation S
|
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