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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: 

http://forbes.ge/news/6589/Tibisi-bankma-425-mln-dolaris-mozidva-SeZlo

 

BGI is one of Georgia's leading firms in all areas of corporate law and in energy and infrastructure has acted on key projects in the oil and gas, energy, transport infrastructure areas. Previous comments have included: "Very good law firm for this jurisdiction...very knowledgeable, they get the job done on time and on budget...they are very professional and good lawyers". Thanks for universal praise from competitors and clients alike, BGI sits comfortably in the top tier... BGI is client-focused and solution-oriented... [with] excellent local counsel, not just for Georgian standards, but by international standards... [A major international client says:] "In terms of local law firms... I have a strong preference for BGI."

IFLR1000 - 2017

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."

Chambers Europe - 2017

Solid team with vast experience of handling a wide spectrum of corporate and commercial as well as financial matters. Particularly well versed in project finance and boasts an impressive track record in some of the country's biggest energy and infrastructure projects. Popular choice for prominent international and local clients, including financial institutions and corporates from an array of industry sectors. Clients are impressed with the team's approach, saying: "The best thing is their coming up with proactive advice and suggesting a structure. They are able to work under pressure and respond immediately." Another client adds: "As soon as we give them a project we don't need to double-check anything." Other typical comments are: "They are a top-tier firm on the market with highly skilled, efficient and solution-oriented lawyers."

Chambers Europe - 2017