LISI Development” with TBC Capital and Galt and Taggart Support Lists 12 000 000 USD Bonds

27 Jan, 2022

Real estate developer, company “LISI Development”, with TBC Capital and Galt and Taggart support has completed emission of 12 000 000 USD bonds. This emission is the first joint emission implemented by TBC Capital and Galt and Taggart on local market. “LISI Development” and TBC Capital are cooperating from 2018 and this is the second joint emission of bonds.

The fixed interest rate on the bonds was set at 6.5%, which is the lowest coupon rate ever recorded in local non-financial sector in US Dollars. Bond maturity date is December 17, 2024. Company has obtained credit rating from Scope Rating in 2018, and was defined as “B+/stable”. Up to date, “LISI Development” is the only development company with international credit rating.

Bond emission gained major interest and was completed in short term. Investments were carried out by resident and non-resident investors. It is noteworthy, that significant share of the bond volume is entirely new funds attracted from non-residents, what is a new investment capital in Georgia.

The bonds will be listed on Georgian stock exchange and will make the bonds available to international investors as well.

The company will use the funds raised from the bonds to refinance the same amount of bonds issued in 2018.

,,The second emission of bonds by “LISI Development” is a major step taken towards success. Attraction of foreign investments is important for the country and supports economic improvements. The lowest interest rate indicates high level of company reliability. The process clearly indicated on successful cooperation of LISI Development, TBC Capital and Galt and Taggart, and can serve as good example for other medium or large-scale projects, and attraction of foreign investments. “LISI Development” continues implementation of 80/20 concept, high standards, green principles and establishment of environment tailored to healthy lifestyle”- Nodar Adeishvili, “LISI Development”, CEO.

The second emission carried out with our participation, is the clear example of successful cooperation between TBC Capital and “LISI Development”. It is also another step taken on the path of local capital market development. We are pleased, that we support company in attraction of alternative financing sources with help of capital market. It is important, that TBC Capital is actively engaged in local bond placements, thus promoting Georgia to become an attractive country for both local and foreign capital“, - Mary Chachanidze, Managing Director, TBC Capital.

„First of all I would like to congratulate “LISI Development” on successful completion of this significant transaction. I am pleased, that Galt and Taggart contributed to attraction of required financial resources by the company. For non-financial issuers of local market, capital market participants an unprecedented low interest rate indicates on benefits of access to alternative financing sources. On behalf of my colleagues I would like to congratulate entire team of Galt and Taggart. Over the years, as an investment bank Galt and Taggart is successfully cooperating with private and public sector representatives, as well as international financial institutions”- Otar Sharikadze, Managing Director, Galt and Taggart. 


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