Georgian Water and Power (GWP) successfully placed GEL 40 million bonds through Galt & Taggart.
GWP bond placement was largest private placement to date in utilities sector in national currency. Resources raised with the bonds shall be earmarked to investments in water and wastewater infrastructure. Maturity within the bonds are in Half a year along with the annual coupon rate is 400 basis points over NBG monetary policy rate.? Galt & Taggart, the neighborhood investment bank, acted as being a placement agent to your issuance.
\”We have continued success in cooperating with finance institutions and fourth successful placement successively is a good demonstration of that. GEL 40 million raised in the private placement might be deployed in infrastructural projects that serve upgrade and improvement within the water supply infrastructure and power generation. These projects have utmost importance for that company have the option to sector being a whole\” C says Giorgi Tskhadadze, CEO of GWP.
\”This may be the fourth time in a row that Galt & Taggart has managed to successfully place GWP bonds on the Georgian market. You should understand that every one of the placements were made in national currency that creates GWP an essential cause of developing capital market in Georgia. Through its extensive experience and team of trained professionals Galt & Taggart has now become the go-to provider of investment banking services in Georgia. I\’m going to thank everyone that have worked hard to finish the sale and wish GWP continued success.\” C commented Otari Sharikadze, Md of Galt & Taggart.
GWP has completed four bond placements as of yet. First placement was developed in August 2015 in a degree of GEL 2.6 000 0000, as well as a consequent emission of GEL 6.0 million in December of same year. Initial two placements were as well as a GEL 30 million placement in December 2016.