TBC Bank Group PLC - Tbilisi, Georgia-based lender - Prices new capital notes worth USD300 million with a 10.25% yield. Says the perpetual subordinated callable additional tier one capital notes will further strengthen the bank's capital base and support its growth and sustainable development. The notes are expected to be listed on Euronext Dublin's Global Exchange Market, settled on or around Tuesday next week. Says the bookbuilding follows a series of debt investor calls and enjoyed "strong" investor appetite. This includes institutional investors from the UK Europe and the US representing "at least three quarters" of the final deal size.
Chief Executive Officer Vakhtang Butskhrikidze comments: "We're delighted by the strong investor demand from the EU, UK, and US for our latest issue, underscoring their trust in TBC's credit quality. This AT1 offering will reinforce our capital structure and provide a strong foundation for pursuing growth opportunities in the mid-term."
Current stock price: 3,255.00 pence, up 1.4% in London on Wednesday morning
12-month change: up 45%
By Greg Rosenvinge, Alliance News senior reporter
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TBC Bank Group (TBCG)