Tbilisi, December 7th, 2016 – Georgian Water and Power has successfully placed bonds of 30 million GEL at the Georgian market, which is an unprecedented amount for non-financial organizations. Placement agents for the GWP bonds are Galt & Taggart and Pasha Bank. The bonds mature in 5 years, with the annual interest rate of 3.5% added to the refinancing rate of the National Bank.
“Cooperation with various financial institutions is important for the company development. The company will utilize additional resource raised from the bond issuance for making capital investments” – said Giorgi Tskhadadze, Director General of Georgian Water and Power.”
“I am happy that Galt & Taggard has successfully placed the GWP’s bonds for the third time. It is important that all the placements were made in the national currency. In this respect, the GWP plays an important role in the development of Georgia’s capital market. By this time, Galt & Taggard, thanks to its experience and team of professionals, has become a leading company that provides investment banking services in the country. I would like to thank everyone who has worked for this deal and let me also wish success to GWP”, - said Otar Sharikadze, Managing Director of Galt & Taggard.
GWP has issued securities for the third time. Initially, the company issued the bonds of 2.6 million GEL in August 2015. On the December 10th of the same year, Georgia Water and Power issued the bonds of 6 million GEL, which will be refinanced by the bonds issued today.
It is important that the company is introducing the high standard of corporate management and publicity. The international agency Fitch Ratings has assigned Georgia Water and Power the greatest possible sovereign and long-term rating ‘BB-’, with stable outlook.
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Press Release
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