By Susanna Moon
Chicago, July 17 – Georgia Healthcare Group plc said its health care services business, JSC Evex Medical Corp., closed a GEL 90 million private placement of local bonds due 2022 at par.
The floating coupon will be 350 basis points premium over the National Bank of Georgia monetary policy (refinancing) rate, according to the company announcement.
JSC Galt & Taggart was the placement agent.
Proceeds will be used to refinance borrowings from local commercial banks, which are a relatively more expensive source of funding, and also to fund planned ongoing capital expenditures, the company said.
“The issuance helps us to further build a longer-term, less expensive funding profile and contributes to the successful implementation of our strategy,” Nikoloz Gamkrelidze, chief executive officer of Georgia Healthcare Group, said in the company’s press release.
Georgia Healthcare is a London-based holding company that provides health care services in Georgian health care services market.
| Issuer: | Georgia Healthcare Group plc
|
| Issue: | Bonds
|
| Amount: | GEL 90 million
|
| Maturity: | 2022
|
| Agent: | JSC Galt & Taggart
|
| Coupon: | 350 bps over refinancing rate
|
| Price: | Par
|
| Settlement date: | July 12
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
