Commentary & Deal Flow

Georgian Railway JSC (GRAIL), exp B+/BB- by S&P and Fitch, US$500m (no grow) 144A/Reg S 7y sr notes (green) due 6/17/28. Citi (B&D)/JPM joint books. RENCAP/TBC joint leads. Co-mgr: GALTG. CoC. List London. English Law. UOP: Green bond loan, Refinance the 2022 Notes following tender offer and concurrent consent to allow for the mandatory early redemption of the 2022 Notes and financing of the Issuer’s infrastructural projects. An amount equal to the net proceeds of the notes will be used to finance or refinance one or more Eligible Projects as further described in the Issuer’s Green Bond Framework. Pricing 6/10. Settle 6/17. IPTs: 4.875% area.