Tbilisi (GBC) - TBC Leasing issues 3-year bonds of 100 million GEL, the coupon rate is TIBR3m, with 300 basis points (11.15+3%), with a nominal value of 1,000 GEL.

Free circulation of securities is not restricted. Securities are also listed on the Georgian Stock Exchange.

Leasing Portfolio Secured Bonds represent an obligation of the issuer that is secured by the issuer's own leasing portfolio, which means amounts receivable from customers at any time during the collateral period.

The issuer (the owner of 100% of the company's share is JSC "TBC Bank", the owner of 99.9% of the shares is the TBC Bank Group registered in the United Kingdom, and the remaining 0.12% are owned by physical and legal shareholders) actively uses the funds raised from financial institutions for its own operational activities to finance.

It has raised funds from both Georgian commercial banks and international funds, which helps to lower the average weighted cost of raised funds, better manage liquidity and currency risks.

The company made its first issue of bonds in 2014, in the amount of 2 million USD. This was followed by a 3 million USD issuance in 2016 and two issues of USD 5 million in 2018. Additionally, the company placed public securities in the amount of 58,400,000 GEL in 2020.

The company also issued subordinated bonds in December 2022 and January 2023 in the amount of USD 6.05 million and USD 6.545 million, respectively. The bonds mature in 2028.

Bonds are issued through private placement, in accordance with the legislation of Georgia. With the current issue, the company will fully refinance the existing GEL bonds and use the remaining amount to increase the leasing portfolio.

With this issue, the previous placements of GEL will be fully closed, the term of which expires on March 20, 2023, and the remaining part will be used for the growth of the leasing portfolio.