Georgia Capital starts tender offer for 6 1/8% notes due 2024

Chicago, July 12 – JSC Georgia Capital started a cash tender offer for its outstanding $300 million 6 1/8% notes due 2024 (ISINs: XS1778929478, US373143AA49), according to an announcement.

The company noted that of the $300 million outstanding, $83.8 million is owned by the issuer and its affiliate.

Pricing will be based on the ¼% U.S. Treasury due March 15 2024 and a 50 basis points fixed spread, with a minimum purchase price of par. Accrued interest will also be paid to the payment date.

The purpose of the tender offer is to help the issuer meet its deleveraging target and extend its debt maturities. The company also launched an offering of $150 million of notes on July 12.

Tendering noteholders may be given priority in the allocation of the new notes. Pricing on the new issue is expected before the expiration of the tender offer, so interested existing holders should contact the issuer as soon as possible.

The withdrawal deadline is 5 p.m. ET on Aug. 8.

The tender offer will expire at 11:59 p.m. ET on Aug. 8.

Pricing is expected to take place around 4 a.m. ET on Aug. 9.

Results will be announced on Aug. 9 and the payment date is expected to be Aug. 10.

J.P. Morgan Securities plc is the dealer manager (+44 20 7134 2468, em_europe_lm@jpmorgan.com).

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

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

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