Banking
Posted: 4 months ago

300 Million USD Attracted by TBC to Boost Economic Growth in Georgia

TBC plans to attract 300 million USD and fund small and medium business sectors, TBC Bank director general Vakhtang Butskhrikidze noted.

As reported, TBC plans to place bonds of 300 million USD at Irish and Georgian stock exchanges.

“We are happy that Georgia’s major bank will for the first time place securities on the international market. The attracted 300 million USD will fund small and medium business sector and boost economic growth in Georgia”, Vakhtang Butskhrikidze said.

TBC will issue USD-denominated 5-year unsecured bonds worth 300 million USD.

‘Investors have showed very high demand – more than 700 million USD. TBC will pay annual 5.75% interest rate that is the lowest historical interest rate in Georgia.

The securities will be placed simultaneously at both Irish and Georgian stock exchanges and this is an unprecedented deal in the history of Georgian stock exchange and banking sector. This placement will promote Georgian capital market development”, the company press release reads.

The mentioned transaction will be carried out by the world’s leading investment banks:

J.P. Morgan, Renaissance Capital and UBS Investment Bank, jointly with TBC Capital.