•   This is the largest emission of corporate securities in the national currency ever implemented in the local market in the history of Georgia
•   The investor base of the bonds is diversified. No single investor's share in the placement exceeds 30%.
•   Tegeta is the only company in the Caucasus region’s automotive industry to have an international credit rating

"Tegeta Holding", the leader of the automotive industry, with the support of TBC Capital, executed an unprecedented emission of GEL on the capital market. Bonds worth 150 million GEL have been issued. This is the largest issuance of GEL-denominated corporate bonds in the history of Georgia, and the second largest in the local securities market. The price of the issued bond was determined by TIBR+3.5%. BLC Law acted as a legal advisor for the flotation.

According to the plan of Tegeta Holding, the 150 million GEL mobilized as a result of the bond emission will be fully used for the refinancing of debt obligations, the maturity profile of the company's liabilities will be improved, which, in turn, will significantly improve the company's liquidity. The full principal amount of the bonds is expected to be repaid in 3 years, and the coupon interest rate will be paid on a quarterly basis.

Vakhtang Kacharava, Executive Director of “Tegeta Holding”: "It is very important and valuable for us that Tegeta is trusted by all major stakeholders in Georgia's financial sector. We were able to execute this important transaction with the active participation and work of our competent team. The support and the role of TBC Capital in this unprecedented financial transaction is worth noting. The unsecured nature of the bonds is their main advantage. It is also important that it is the best alternative to a bank loan, allowing companies to easily diversify their financial liabilities. The funds released from the placement of the bonds will be fully used for the development of our Holding and activation of new investment opportunities. The bonds have been issued in local currency, which minimizes the Holding's currency risks".

Investors in the bonds placed by Tegeta Holding are mainly Georgian banks and insurance companies. The investor base is diversified, and no single investor’s share exceeds 30% of the placement. Tegeta Holding attributes the interest and activity of financial institutions towards the bonds issued to a high level of trust in the company.

These bonds are TBC Capital's 11th placement this year, which is a record for the capital market in Georgia. The total amount of placements during the year exceeded GEL 1.5 billion.

TBC Capital has placed more than 60 bonds throughout its history. Among them are 8 Eurobonds listed on the Irish and London Stock Exchanges.

As of 2022, TBC Capital is the leader in the capital market and holds 77% of the market in terms of total floatation volume.

Meri Chachanidze, Managing Director of TBC Capital:"First of all we congratulate Tegeta Holding on the successfully completed transaction. We are delighted that the largest ever corporate bond in the history of Georgia's securities, denominated in the local currency, was placed with the participation of TBC Capital. Through the capital market we helped the company find alternative sources of financing and provided an opportunity to improve its financial structure It is noteworthy that 3 years ago Tegeta implemented its first emission also with our support. "TBS Capital" is the leading investment bank for local bond placements. We support the development of both local companies and the local capital market, which makes Georgia more attractive for both local and foreign capitals."

"Tegeta" implemented its first successful emission and encashed bonds amounting to GEL 30 million in 2019. This was a transaction of an unprecedented volume in the corporate public bond segment. A significant part of those bonds was acquired by the European Bank for Reconstruction and Development. "Tegeta Holding" is planning to become more active in the capital market and to issue green bonds for international financial companies next year.

About Tegeta Holding:
The largest automotive company in the Caucasus and Central Asia offers customers a full range of automotive ecosystem, which includes light, freight and construction , as well as commercial, passenger and industrial vehicles. Tegeta has 29 service centres throughout the country and the Holding Company carries out international trade on four continents. Tegeta exclusively represents well-known brands such as Porsche, Volvo, Toyota and Mazda. Its partners in commercial vehicles and specialized vehicles are major brands such as MAN, JCB, HINO, Liebherr, BOMAG and others. Tegeta is the largest importer of more than 300 of the world's leading car brands in Georgia. Tegeta Holding, with approximately 2,500 employees, is now one of the largest employers in Georgia.

About TBC Capital:
TBC Capital is the #1 investment, brokerage and research firm in the Georgian market, helping its clients achieve their financial goals. Throughout Georgia and the region, TBS Capital provides services to individuals, corporate entities and financial institutions, ensuring their success by planning, structuring and advising on transactions. TBC Capital plays an important role in the development of capital markets and helps strategic investors to discover new opportunities both in Georgia and in the Caucasus.