By Mary-Katherine Stinson
Lexington, Ky., April 24 – TBC Bank Group plc announced that its subsidiary JSC TBC Bank, priced a $300 million offering of 10¼% perpetual subordinated callable additional tier 1 capital notes (B2) at par, according to multiple notices.
J.P. Morgan Securities LLC, Citigroup Global Markets Inc. and TBC Securities are the bookrunners.
J.P. Morgan is acting as development finance structuring agent.
The notes will be included in the bank's additional tier 1 capital upon approval by the National Bank of Georgia and will further strengthen the bank’s capital base and support the bank's growth and sustainable development.
The notes will be listed on Euronext Dublin.
The issuer is a financial institution based in Tbilisi, Georgia.
| Issuer: | JSC TBC Bank
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| Amount: | $300 million
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| Issue: | Subordinated callable additional tier 1 capital notes
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| Maturity: | Perpetual
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| Bookrunners: | J.P. Morgan Securities LLC (Development Finance Structuring Agent), Citigroup Global Markets Inc. and TBC Securities
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| Counsel to issuer: | Baker & McKenzie LLP and Dentons Georgia LLC
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| Counsel to underwriters: | Latham & Watkins LLP and BGI Advisory Services Georgia LLC
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| Coupon: | 10¼%
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| Price: | Par
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| Yield: | 10¼%
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| Pricing date: | April 23
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| Settlement date: | April 30
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| Rating: | Moody’s: B2
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| Distribution: | Rule 144A and Regulation S
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| ISINs: | XS1843433126, US48128XAB91, XS1843434363, US48128XAA19, XS2404278777, US48128XAC74
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