Leading global law firm Baker McKenzie has advised Georgia, acting through the Ministry of Finance of Georgia, on the issuance of US$500 million 2.75% notes due 2026, which is the lowest interest rate achieved for an issuance of notes in Georgian history.

Megan Schellinger, corporate finance partner at Baker McKenzie in London, commented “We are delighted to have helped advise the Ministry of Finance of Georgia on this record-breaking notes issuance. The transaction reflects Baker McKenzie's leadership position in emerging markets and the latest example of our full service capital markets offering.”

Maxim Khrapov, corporate finance senior associate at Baker McKenzie in London said of the deal, “We are glad to continue contributing to the Georgian success story with this deal as a great example of the issuer, its investment banks and advisors collaborating to quickly and efficiently launch and complete a successful transaction against the backdrop of COVID-19.”

The Baker McKenzie team was led by capital markets partner Roy Pearce and corporate finance partner Megan Schellinger, supported by senior associate Maxim Khrapov (all London) and junior lawyer Charlene McAuley (Belfast). In addition, our New York Office provided US Tax Advice.

Goldman Sachs International and J.P. Morgan acted as Joint Global Coordinators, with Goldman Sachs International, ICBC and J.P. Morgan as Joint Bookrunners and Galt &Taggart and TBC Capital as Co-managers. Linklaters acted as lead counsel to the banks, and BGI acted as local counsel to the banks. BLC acted as local counsel to the country of Georgia. 

The Ministry of Finance transaction is the latest in a string of debt deals that Baker McKenzie have completed in Georgia, including the US$65 million tap issue of 6.125% notes due 2023 by JSC Georgia Capital and the US$250 million 7.75% notes due 2025 by JSC Georgia Global Utilities. Together with the issuance by the Republic of Armenia of $750 million 3.60% notes due 2031 (where we represented the joint lead managers), this demonstrates our comprehensive sovereign debt capability acting for both issuers and underwriters. 

The offering was announced on 13 April 2021 and settled on 22 April 2021.
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