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Georgia’s TBC Bank launches tender offer for 5¾% notes due 2024
By Marisa Wong
Los Angeles, April 15 – TBC Bank Group plc subsidiary JSC TBC Bank is inviting holders of its outstanding 5¾% notes due 2024 (ISIN: US48128XAA19, XS1843434363) to tender any and all of their notes for purchase for cash, according to a Monday press release.
Of the original $300 million principal amount, $245.32 million is outstanding. Of that amount, the issuer owns $16,185,000.
The issuer is offering a total consideration of $1,000 per $1,000 principal amount.
The total consideration includes an early tender premium of $30 per $1,000 of notes tendered by the early tender participation deadline.
Holders tendering after the early deadline will only be eligible to receive $970 per $1,000 principal amount.
In addition, the issuer will pay accrued interest.
The exact timeline of the tender offer was not disclosed in the press release.
The issuer intends to use existing cash on hand to fund the tender offer.
Concurrently, the issuer is planning to issue new dollar-denominated perpetual subordinated callable additional tier 1 capital notes. The tender offer is conditioned on, among other things, completion of the new notes offering, which is expected to price and close prior to the early participation deadline of the tender offer.
The issuer said it is making the tender offer in combination with the new notes offering as a way of managing its financial liabilities and debt maturity profile and to give holders an opportunity to extend their exposure to the issuer’s credit profile.
The dealer managers are Citigroup Global Markets Ltd. (+44 20 7986 8969; liabilitymanagement.europe@citi.com) and J.P. Morgan Securities plc (+44 20 7134 2468; em_europe_lm@jpmorgan.com).
The tender agent is Kroll Issuer Services Ltd. (+44 20 7704 0880; tbcbank@is.kroll.com).
TBC is a bank based in Tbilisi, Georgia. The parent company is registered in England and Wales.
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