Georgian Water and Power (GWP) has successfully places unprecedented volume of bonds for non-financial organization on the Georgian market – 30 million GEL.
Agents for placement of GWP bonds are “Galt & Taggart” and “Pasha Bank”. The maturity term of the bonds amounts to 5 years, annual yield is 3.5% added to the refinancing rate of NBG.
“Cooperation with the different financial institutions is necessary for company’s development. The additional resource, gained from the bond emission, will be used for making capital investments”, – George Tskhadadze, general director of “Georgian Water & Power” notes.
It worth to mention, that “Galt & Taggart” has successful placed GWP bonds for the third time. It should be noted, that all placements are made in national currency.
“Pasha Bank is pleased to participate in the attraction of GWP’s capital by the unprecedented transaction for Georgian market. Development of capital markets is formed as one of the main directions of “Pasha Bank’s” activity. We optimistic attitude related to the prospects of capital market development. We hope that this transaction should be a precedent and will make stimulation of potential issuers”, – Goga Japaraidze, commercial director of Pasha Bank declared.
GWP makes emission of securities for the third time. The company issued bonds of 2.6 million GEL in August, 2015 for the 1st time. GWP has issued 6 million GEL bonds on December 10 of the same year, which refinancing will be made by the bonds issued today.
It should be noted, that the company is introducing high standard of corporate governance and transparency. However, international Rating Agency Fitch Ratings has assigned Georgian Water and Power LLC’s (GWP) Long-term foreign and local currency Issuer Default Ratings (IDRs) of ‘BB-‘. The Outlook is Stable.