Bank of Georgia Group PLC unit JSC Bank of Georgia priced US$100 million in Additional Tier 1 perpetual subordinated notes, the first ever international issuance of such debt from Georgia.
The notes were priced at par and are first callable after 5.25 years. The issuance is expected to add about 230 basis points to the bank's Tier 1 capital ratio, and the lender aims to repay a portion of its existing Tier 2 capital instruments to reduce the carry-cost of the AT1 issuance, subject to central bank approval.
J.P. Morgan and UBS Investment Bank served as joint book runners on the deal, with Galt & Taggart acting as co-manager. Latham & Watkins LLP and Baker & McKenzie LLP are serving as legal advisers to the joint book runners and the bank, respectively.