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:
Excellent team known for acting on high-profile and significant mandates. Clients commend the team's expertise, saying: "They are all very solid, have excellent knowledge, are hard-working and give great practical advice." They further praised the service adding that the lawyers are "client-oriented, quite patient and understand the client's internal procedures."
Zaza Bibilashvili is a well-known and highly regarded figure in the Georgian legal market. One of the founding partners of the firm, he oversees projects and is a key contact for clients. Lasha Gogiberidze has been called "one of the leading lawyers in Georgia" and "a central person not just in capital markets, but in the legal market in general." Considered an expert in capital markets and project finance work, particularly in the energy sphere, he is highly respected by his peers, who say: "He`s among the top lawyers who shaped the legal market."
BGI Legal is ‘exceptional' in M&A, financing and real estate, and is especially prominent in the energy sector. Lasha Gogiberidze, whom clients regard as ‘the top lawyer in Georgia for banking, finance and capital markets transactions', and Sandro Bibilashvili handled a number of innovative regional energy projects and joint ventures, such as the Adjaristsqali hydropower project.