(Alliance News) - Bank of Georgia Group PLC on Friday said its subsidiary JSC Bank of Georgia has repurchased USD8.3 million of notes due 2023.
Following the buyback, the Tbilisi, Georgia-based lender now holds 15%, or USD52.5 million of the 2023 notes, which were issued in July 2016. The repurchased notes will be held by Bank of Georgia, with no intention of cancelling them.
In 2016, Bank of Georgia - then known as BGEO Group PLC - issued USD350 million in notes, with a coupon of 6.00%. The proceeds went towards funding JSC Bank of Georgia's ongoing tender offer at the time, as well as investment and acquisition purposes.
Shares in Bank of Georgia were up 3.5% at 1,432.00 pence on Friday in London.
By Dayo Laniyan; dayolaniyan@alliancenews.com
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Bank Of Georgia Group (BGEO)