June 2024 – Tegeta Holding placed USD 8.3 million on June 28, within the framework of the EUR 20 million equivalent multi-currency bond program approved in December 2023. It is noteworthy that the transaction is the first USD-denominated corporate issuance in the local market in 2024. The exclusive investment bank for the transaction is again Galt & Taggart, with whose support the company closed the first multi-currency bond program in Georgia in 2023.
It is noteworthy that in 2023 the company, in partnership with Galt & Taggart, successfully placed bonds in the amount of USD 20 million and EUR 16 million. Of these, 7 million euros were placed as the first tranche of the ongoing multi-currency program.
Similar to past issues, the current transaction was still highly attractive to investors. As a result, the bonds were purchased by more than 50 Georgian and foreign investors.
It is worth noting that the latest tranche was placed at an interest rate of 8.5%. The maturity of the issue is 2 years, and the company plans to use the raised funds, similar to the previous issue, to refinance existing liabilities.
