Baker & McKenzie LLP
07/30/2024 | Press release | Distributed by Public on 07/30/2024 03:50
Baker McKenzie acts for JSC Georgia Global Utilities on its USD 300 million 8.875% covenanted guaranteed notes due 2029
Baker McKenzie has advised JSC Georgia Global Utilities (the Issuer), a key player in the water utility and renewable energy sectors in Georgia, on the issuance of USD 300 million 8.875% covenanted guaranteed notes due 2029. Baker McKenzie had also advised the Issuer on its debut issuance of green bonds in 2020.
The Reg S/Rule 144A notes were listed on the Irish Stock Exchange plc trading as Euronext Dublin and the transaction settled on 25 June 2024. The net proceeds of the issuance of the notes will be used for general corporate purposes, including the refinancing of existing indebtedness. The Issuer intends to allocate to Eligible Projects (as defined in the Green Finance Framework of the Issuer) an amount equal to the proceeds raised by the issuance of the notes within four years of the date of issuance on a best-efforts basis.
The Baker McKenzie team was led by Corporate Partner Megan Schellinger and High Yield and Leveraged Finance Partner Ben Bierwirth with support from Senior Associate Maxim Khrapov, Associate Akshay Prasad and Trainee Tatiana Kalaji in London. Additional support was provided by Manager Charlene McAuley in the Baker McKenzie's Belfast Centre.
Commenting on the deal, Corporate Partner, Megan Schellinger, who led the Baker McKenzie team, said: "We are pleased to have been able to support Georgia Global Utilities and its shareholders on yet another milestone transaction out of Georgia, a jurisdiction where we represented issuers on all of the Eurobond offerings in 2024, showing our expertise and strength in the region".
The Reg S/Rule 144A notes were listed on the Irish Stock Exchange plc trading as Euronext Dublin and the transaction settled on 25 June 2024. The net proceeds of the issuance of the notes will be used for general corporate purposes, including the refinancing of existing indebtedness. The Issuer intends to allocate to Eligible Projects (as defined in the Green Finance Framework of the Issuer) an amount equal to the proceeds raised by the issuance of the notes within four years of the date of issuance on a best-efforts basis.
The Baker McKenzie team was led by Corporate Partner Megan Schellinger and High Yield and Leveraged Finance Partner Ben Bierwirth with support from Senior Associate Maxim Khrapov, Associate Akshay Prasad and Trainee Tatiana Kalaji in London. Additional support was provided by Manager Charlene McAuley in the Baker McKenzie's Belfast Centre.
Commenting on the deal, Corporate Partner, Megan Schellinger, who led the Baker McKenzie team, said: "We are pleased to have been able to support Georgia Global Utilities and its shareholders on yet another milestone transaction out of Georgia, a jurisdiction where we represented issuers on all of the Eurobond offerings in 2024, showing our expertise and strength in the region".