By Mary-Katherine Stinson
Lexington, Ky., Oct. 12 – Georgia Capital plc announced that Georgian Renewable Power Operations JSC, the group’s holding company for its operational renewable energy assets previously owned by Georgia Global Utilities JSC, priced an $80 million green secured local bond offering at par on Oct. 12, according to a notice Tuesday.
The notes have a 7% coupon with a five-year bullet maturity callable after two years.
Galt and Taggart JSC and TBC Capital LLC acted as placement agents for the transaction.
Dutch Development Bank/ Nederlandse Financierings-Maatschappij voor Ontwikkelingslanden NV, Asian Development Bank and International Finance Corp. acted as anchor banks for the transaction. European Bank for Reconstruction and Development also supported the issuance.
Proceeds were used to refinance the shareholder loan from Georgia Capital, provided for redeeming the renewable energy business' portion of Georgia Global Utilities JSC's $250 million 7¾% eurobond in September 2022.
The new notes are expected to be listed on the Georgian Stock Exchange.
This was the first secured green bond issuance in the Georgian market.
Georgia Capital is a platform for buying, building and developing businesses in Georgia with holdings in sectors that are expected to benefit from the continued growth and further diversification of the Georgian economy.
| Issuer: | Georgian Renewable Power Operations JSC
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| Issue: | Secured green bonds
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| Amount: | $80 million
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| Tenor: | Five years
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| Placement agents: | Galt and Taggart JSC and TBC Capital LLC
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| Counsel for banks: | BLC Law Office and Dentons
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| Green opinion: | Sustainalytics
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| Coupon: | 7%
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| Price: | Par
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| Yield: | 7%
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| Call features: | After two years
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| Settlement date: | Oct. 12
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