(Alliance News) - Georgia Capital PLC on Friday announced it will issue a GBP250 million green bond offering, through the holding company JSC Georgia Global Utilities.
The investment firm said it expects that the green bonds will be available on the Global Exchange Market of the Irish Stock Exchange by July 30.
The green bond has been issued at par value with a 5-year non-callable 2-year bullet maturity date and 7.75% interest rate.
The company predicts the bonds to have a stable rating of B+ by Fitch Ratings Inc and positive B rating by stock market index S&P.
The net proceeds from the issue will be used to refinance the company's existing loans, along with financing capital expenses.
"I am delighted to announce that GGU has issued the first-ever green notes from Georgia. The transaction was met with considerable interest from investors, demonstrating once again our superior access to capital even during the current unprecedented times. The issuance of the bonds significantly improves the financial flexibility of GGU and also enhances its liquidity profile, contributing to the healthy growth of the business," Georgia Capital Chairman and CEO Irakli Gilauri commented.
Georgia Capital shares were down 0.9% at 381.50 each on Friday in London.
By Neetika Kurup; neetikakurup@alliancenews.com
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Georgia Capital (CGEO)