“Silk Rial Estate” issues first 1-year €7 million public bond in the local market

Silk Real EstateOne of Georgia’s leading companies in real estate management and hospitality has placed its first one-year Euro-denominated bonds on the stock exchange with the support of TBC Capital, Galt & Taggart and Silk Bank. The total value of the placement is EUR 7 million.

Silk Rial Estate issued and issued the first tranche of US$20 million with a fixed annual interest rate of 9.00% in April 2023. The second tranche of US$20 million bonds with a coupon rate of 9.25% was successfully issued in September 2023. These offers have attracted high interest from local and foreign investors.

The Eurobonds carry an annual interest rate of 7.0%. The proceeds from the sale of the bonds will be used to repay the company’s existing debts.

The third issuance of bonds on the Georgian Stock Exchange is a testament to the company’s continuous development, fruitful cooperation with its partners and success.

Mamuka it’s a shame – Executive Director of Silk Rial Estate: “Silk Rial Estate” has once again issued bonds on the stock exchange. These are the company’s first one-year bonds denominated in euros. The total amount of bonds issued last year was $40 million. I would like to thank all those who participated in achieving this success for their work and high professionalism. ”

Alex Khoroshvili – Managing Director of “Silk Bank”: “We are pleased that together with “Galt & Taggart” and TBC Capital, we have once again contributed to the successful issuance of “Silk Estate” bonds. “Silk Bank” and “Silk Riyal Estate” are members of the same group, so it is very important for us that our bank’s customers once again have the opportunity to buy “Silk Riyal Estate” bonds, this time denominated in Euros.

Ketwan Toiser – Deputy Director of Galt & Taggart: “We are pleased to actively continue our cooperation with Silk Real Estate on our third consecutive successful issuance. It is noteworthy that this transaction is the first issuance of a one-year bond in the Georgian capital market. It is very important for us to constantly provide companies and investors with innovative products that are suitable for their goals and needs. We hope to do more successful things in the capital market together with Silk Real Estate.”

mayor Chachanitze – Managing Director of TBC Capital: “I am very happy that Silk Real Estate has successfully issued its first 1-year Eurobond and attracted new investors interested in investing in short-term products. In 2023, we will support the first issuance of Silk Real Estate and continue to support the company in finding alternative sources of financing with the help of the capital markets. It is very important that one of the leading large brands in real estate management and hospitality industry operates successfully in the market, and its progress makes not only the group, but also the country more attractive to local and international investors. “