Georgia Capital PLC - Tbilisi-based investor focusing on domestic businesses in Georgia - Says its Georgian holding company, JSC Georgia Capital has launched a USD150 million sustainability-linked bond offering on the Georgian market. Also launches an invitation to purchase all of its outstanding USD300 million Eurobonds for cash, if the planned local market notes issuance is completed.
The company says that this will reduce Georgia Capital's leverage, and notes that a total USD84 million of the existing USD300 million has already been repurchased. Georgia Capital says the sustainability-linked bonds will decrease its gross debt balance to USD150 million from USD300 million, supported by the substantial growth in cash dividend income from the portfolio companies, and will support the development of the local capital market.
JSC Georgia Capital also launches a tender offer of its outstanding USD300 million 6.125% notes due in 2024 for cash subject to restrictions, which it says is needed to deleverage and extend debt maturity.
Chair and Chief Executive Officer Irakli Gilauri said: "The issuance of sustainability-linked bonds will make a substantial contribution to the development of the local capital market and support the transition towards a more sustainable and lower carbon economy in Georgia."
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By Will Neill, Alliance News reporter
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Georgia Capital (CGEO)