Latham Advises on JSC TBC Bank’s US$300 Million AT1 Bond Offering and Concurrent Tender Offer

Latham & Watkins has advised on JSC TBC Bank’s offering of US$300 million 10.25% perpetual subordinated callable additional tier 1 notes and a concurrent tender offer to purchase any and all of its outstanding 5.75% Notes due 2024. The notes were issued pursuant to Regulation S and Rule 144A and were listed on Euronext Dublin. Citigroup and J.P. Morgan acted as the joint bookrunners and joint lead managers in the new offering and the dealer managers in the tender offer. J.P. Morgan also acted as the development finance structuring agent in the new offering.

This was the second debt offering on the international capital markets by a Georgian issuer since the start of 2024, which Latham also advised on.

The Latham team was led by London corporate partners Vladimir Mikhailovsky and David Stewart, with associates Alexander Kartyshev and Clive Wong.