S&P gives Georgia Capital notes BB-

S&P said it preliminarily rated Georgia Capital JSC’s planned $150 million sustainability-linked senior unsecured notes, due 2028. Additionally, the agency placed the issuer’s B+ rating on CreditWatch with positive implications.

“The issuance is part of a refinancing that should extend the company's debt maturity profile by repaying the rest of the $300 million bond due in March 2024. Georgia Capital has already repurchased $83 million of this bond, an amount it holds as liquid funds. Our adjusted leverage metric was 13% on March 31, 2023. We calculate that it could have been as low as 9.4% on that date, assuming gross debt of $150 million and full repayment of the outstanding shareholder loans,” S&P said in a press release.

The positive watch indicates a likely upgrade for Georgia Capital to BB- if it completes the refinancing and fully redeems the notes due in 2024, the agency said.

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