Galt & Taggart" Hosts Press Conference on "IG Development Georgia's" Multi-Currency Bond Issues
With "Galt & Taggart's" support, "IG Development Georgia" recently organized a press conference to discuss the successful completion of its first and second bond tranches under a multi-currency program. The program has seen the issuance and placement of bonds worth $20 million and €5 million.
December 2023 marked the issuance of the first tranche, a $20 million bond, representing the company's third corporate bond issue. Despite a global rise in US dollar interest rates, the bond maintained a competitive fixed interest yield of 8.50%. Following overwhelming demand, in January 2024, "IG Development Georgia" further issued and fully placed its first-ever €5 million bonds at a 7.00% interest rate. These euro bonds are the first of their kind to be placed in 2024. Both bond tranches have a two-year maturity, and collectively, the issues attracted about 140 investors. Further tranches are planned for issuance throughout 2024.
Key figures attended the press conference, including:
- Levan Shavkatsishvili, CEO of "Galt & Taggart";
- Mindia Sabanadze, Chairman of the Supervisory Board of "IG Development";
- Ekaterine Mikabadze, Deputy President of the National Bank of Georgia.
The conference focused on various aspects of the transaction and the local capital markets, highlighting the purpose and advantages of the deal for the company, "Galt & Taggart's" role in the successful bond placement, investor interest, and broader trends in the capital markets.
Mindia Sabanadze expressed gratitude towards "Galt & Taggart" for their role in successfully launching and placing these bonds, highlighting the importance of alternative capital sources for the company's growth and investment in large-scale projects.
Levan Shavkatsishvili echoed these sentiments, expressing pride in the partnership and the innovative financial products introduced to the Georgian capital market through this collaboration.
This latest bond issue reflects "IG Development Georgia's" ongoing growth and "Galt & Taggart's" commitment to fostering innovation in Georgia's capital market landscape.