The bonds have got a 2-year tenor with quarterly coupon payments. Coupons are referenced on National Bank of Georgia refinancing rate and use a margin of 7.5% covering the reference rate. Nowadays the annual interest rate of your bonds is 15%.
“The simply to that for the present time more lenders express willingness to buy our group since the company’s credibility has increased, which can be confirmed by Fitch rating assigned to GWP recently”, stated CEO of Georgian Water and Power Mr. Giorgi Tskhadadze.
“Diversification of credit resources is critical for Georgian Water and Power in mid-term and long-term perspective. For GWP this can be a second round of bonds emission to the number of GEL 6 m now, to get positioned in full. The primary keeping of bonds for GEL 2,6 m was effected in August of current year. New management of GWP would likely to cooperate with various financial institutions and money to employ the projects significant for the company’s development”,? stated CFO of Georgian Water and Power Mr. Mr. Giorgi Vakhtangishvili.
“PASHA Bank enjoys significant experience in securities underwriting to use real estate market, Azerbaijan, and we all plan to apply this knowledge Georgia and actively contribute to the creation of any local capital markets. In May PASHA Bank arranged FINCA Bank Georgia’s GEL 20,000,000 bond issue and we are glad to generally be partnering with GWP and Galt & Taggart this occassion. We took this opportunity to increase our partnership with GWP, in March, 2015 PASHA Bank issued the definition of loan facilities to Georgian Water & Power and Rustavi Water Company when using the combined principal of GEL 22.5 million,” commented CEO of PASHA Bank Georgia.
?Were glad by purchasing assistance from Galt & Taggart bond issue of one more Georgian company was accomplished. Galt & Taggart has brought about the difficulty of well over GEL 100 mln worth local bonds, supporting improvement local capital markets and creating accessibility to the financial recourses that will be very important to website of your companies,”?commented the Chairman of Supervisory Board of Galt & Taggart, Archil Gachechiladze.
Thanks to its team of professionals additionally, the experience Galt & Taggart has turned into a leading company in Georgia providing investment banking services. Let me thank everyone who worked tirelessly on this deal and want success to GWP.