By Rebecca Melvin
New York, March 22 – The JSC Bank of Georgia, a subsidiary of Bank of Georgia Group plc, priced its debut offering of $100 million of 11 1/8% additional tier 1 capital perpetual subordinated notes (//B-) at par, according to an announcement on Friday.
The Regulation S notes are non-callable for 5.25 years.
JPMorgan and UBS Investment Bank acted as joint bookrunners.
The notes are expected to be listed on the Irish Stock Exchange, and they represent the first international offering of additional tier 1 capital notes from Georgia and the South Caucasus region.
The financial institution is based in Tbilisi, Georgia.
| Issuer: | JSC Bank of Georgia
|
| Amount: | $100 million
|
| Maturity: | Perpetual
|
| Description: | Additional tier 1 capital subordinated notes
|
| Bookrunners: | JPMorgan and UBS Investment Bank
|
| Co-manager: | Galt & Taggart
|
| Coupon: | 11 1/8%
|
| Price: | Par
|
| Yield: | 11 1/8%
|
| Calls: | Non-callable for 5.25 years
|
| Trade date: | March 21
|
| Rating: | Fitch: B-
|
| Distribution: | Regulation S
|
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