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Published on 10/14/2022 in the Prospect News Emerging Markets Daily and Prospect News Liability Management Daily.

Georgia Capital tenders for up to $60 million 6 1/8% notes due 2024

By Marisa Wong

Los Angeles, Oct. 14 – JSC Georgia Capital launched an invitation to holders of its outstanding $365 million 6 1/8% notes due 2024 (ISIN: XS1778929478) to tender their notes for purchase for cash, according to a notice.

The offer is subject to a tender cap of $60 million that may be increased or decreased at the discretion of the issuer.

The purchase price will be determined under a modified Dutch auction procedure. The minimum purchase price is $880 per $1,000 principal amount, and the maximum purchase price is $950 per $1,000 principal amount.

In addition, the issuer will pay accrued interest on the notes accepted for purchase.

If the amount tendered exceeds the tender cap, tendered notes may be accepted on a pro rata basis.

The tender offer only applies to the Regulation S notes and not to the Rule 144A notes (ISIN: US373143AA49) under the same series. Of the $365 million principal amount of notes outstanding, $70,382,000 is owned by the issuer and its affiliates.

The tender offer will expire at 11 a.m. ET on Oct. 24.

Results will be announced on Oct. 25.

Payment will be made on Oct. 26.

J.P. Morgan Securities plc (em_europe_lm@jpmorgan.com; +44 20 7134 2468) is the tender agent.

Kroll Issuer Services Ltd. (attn.: Jacek Kusion / Illia Vyshenskyi; +44 20 7704 0880; gcap@is.kroll.com; https://deals.is.kroll.com/gcap) is the tender and information agent.

Georgia Capital is a Tbilisi, Georgia-based holding company focused on investment in developing businesses in Georgia.


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