Bank of Georgia takes $60m in bond buyback

09 May 2011

Bank of Georgia completed its tender offer on Friday, buying back $60.068m of its $200m 9% 2021 loan participation notes at a price of 104, the minimum purchase price announced. Citi and VTB Capital were the joint dealer managers on the tender offer.

“It’s around the amount that we anticipated would be tendered,” said a London-based investor relations official at Bank of Georgia.

The note had been quoted around 101/104 in mid-April, before the tender offer was announced. The bond is rated Ba3 by Moody’s, B by Standard & Poor’s and B+ ...

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