BGI Legal Advises on Landmark Capital Market Deals
BGI Legal has partnered with Latham & Watkins LLP to advise J.P. Morgan Securities plc, UBS AG London Branch and Renaissance Securities (Cyprus) Limited, acting as the Joint Bookrunners, in the debut issuance of USD 300,000,000 5.75 per cent. Reg S/ Rule 144A Senior Unsecured Notes by JSC TBC Bank, recognized as Georgia’s leading bank by all key metrics.
The transaction closed on 19 June 2019, leading to the admission of the Notes to the regulated market of Euronext Dublin and their subsequent Category A listing on the Georgian Stock Exchange (GSE). This was the first case of dual listing of the Eurobonds in Georgia by a Georgian issuer and at the same time the largest issuance ever to be listed on the GSE.
In addition, BGI has acted as legal adviser to the Joint Bookrunners on the debut issuance of USD 125 million Perpetual Subordinated Callable Additional Tier 1 Capital Notes by TBC Bank, representing the largest and lowest coupon Additional Tier 1 issue ever to have been priced by a Georgian company. AT1 Notes were listed on Euronext Dublin on 3 July 2019 and are expected to be also listed on the GSE.
The transaction was led by Capital Market partners Lasha Gogiberidze and Unana Gogokhia and was supported by an excellent BGI team.
Unana Gogokhia said: “We are delighted to have had a chance to work on these unprecedented transactions which have brought USD 425 million worth of investment to the country. The dual listing of the notes, which will allow trades to occur locally on the GSE, represents a major leap in terms of Georgia’s capital market development.“
Senior Partner Lasha Gogiberidze commented: “BGI has been an unrivalled leader over the last twenty years in this segment of legal services. Being part of such high scale capital market deals reinforces our status as market leaders as we continue to comfortably maintain this niche.”
For more information on the deal, please follow the link below:
Vastly experienced market-leading firm assisting international and regional clients with all manner of corporate and commercial matters. Particularly well versed in project financing and loan agreements. Clients say: "The lawyers are detail-oriented and are always very helpful... Among the leading firms in Georgia."
Legal director Unana Gogokhia focuses on financial transactions, and stands out for her experience of capital markets and derivatives. Clients appreciate her ability to "look at the issue very scrupulously and bring up points in the transaction that none of the other parties spotted." Sandro Bibilashvili is increasingly recognised in the market. He is involved in some of the firm's biggest project finance mandates and has recently been active working on energy projects. Counsel Tamara Tevdoradze enters the rankings on the back of positive praise. "She is very reliable, accurate and punctual, thinks in a very logical way and has very strong arguments," a client says