Austrian Georgian Development Secures $15 Million Bond Issuance with TBC Capital's Expertise

Austrian Georgian Developmen has teamed up with TBC Capital to successfully issue a 2-year secured public bond worth $15 million on the Georgian Stock Exchange. This significant issuance is the pioneering joint endeavour of the two firms.

The bond has been benchmarked with an annual interest yield of 9.00%. The proceeds garnered from this bond sale are earmarked by the company to service its current obligations.

Cementing its presence in the renewable energy sector, "Austrian Georgian Development" operates under the aegis of the Caucasus Renewable Energy Holding (CCEH). It has under its banner two hydroelectric power plants stationed in Svaneti's Lakham village, with a cumulative capacity of 15.9 MW.

Reflecting on this strategic issuance, Giorgi Abramishvili, the General Director of "Austrian Georgian Development" said, "The successful public placement of securities totalling $15 million is a testament to our forward-thinking initiatives. This issuance not only presents retail investors with a chance to channel their funds into low-risk securities but also stands as a beacon for the nation's energy independence. We are deeply grateful to every investor for their trust and remain committed to elevating our firm as a leader in tapping into renewable energy resources while setting industry benchmarks."

Echoing this sentiment, Mary Chachanidze, the Managing Director of TBC Capital, added, "It's a privilege to back the maiden issuance of "Austrian Georgian Development". Our collaboration aims to refine the company's capital structure, thereby enhancing the nation's energy security and lessening reliance on imported energy sources. With this being TBC Capital's 14th bond placement in 2023, it underlines the burgeoning dynamism in the Georgian capital market."