Georgian Water and Power (GWP) successfully placed GEL 40 million bonds through Galt & Taggart.
GWP bond placement was largest private placement to date in utilities sector in national currency. Resources raised through the bonds will be earmarked to investments in water and wastewater infrastructure. Maturity of the bonds are at 6 months and the annual coupon rate is 400 basis points over NBG monetary policy rate. Galt & Taggart, the local investment bank, acted as a placement agent for the issuance.
“We have continued success in cooperating with financial institutions and fourth successful placement in a row is a good demonstration of that. GEL 40 million raised through the private placement will be deployed in infrastructural projects that serve upgrade and improvement of the water supply infrastructure and power generation. These projects are of utmost importance for the company and for the sector as a whole” – says Giorgi Tskhadadze, CEO of GWP.
“This is the fourth time in a row that Galt & Taggart has managed to successfully place GWP bonds on the Georgian market. It is important to note that all the placements were made in national currency which makes GWP an important contributor to developing capital market in Georgia. Through its extensive experience and team of trained professionals Galt & Taggart has now become the go-to provider of investment banking services in Georgia. I would like to thank everyone who have worked hard to complete the deal and wish GWP continued success.” – commented Otari Sharikadze, Managing Director of Galt & Taggart.
GWP has completed four bond placements to date. First placement was made in August 2015 at an amount of GEL 2.6 million, followed by a consequent emission of GEL 6.0 million in December of same year. Initial two placements were followed by a GEL 30 million placement in December 2016.