Georgia Capital PLC (the “Group” or “GCAP”) announces that JSC Georgia Real Estate (“GRE”), the holding company of the Group’s housing development and hospitality businesses, has successfully closed a US$ 35 million local bond offering (the “Notes”). The Notes are US$-denominated with 2-year bullet maturity and carry an 8.5% coupon. Full proceeds of the Notes were used to refinance the 3-year 7.5% coupon US$ 35 million local bonds that matured on 7 October 2022. The Notes are expected to be listed on the Georgian Stock Exchange.
Irakli Gilauri, Chairman and CEO of Georgia Capital, commented: “I am pleased to announce that GRE has completed yet another successful transaction on the local capital market. In the current global interest rate environment, the business managed to obtain funding on attractive terms. The issuance received considerable interest from both existing and new investors. I would like to thank GRE’s investors for their continued support of the business.”
