Commentary & Deal Flow

Georgia Global Utilities JSC (CGEOLN) exp BB-/BB- (p/s) by S&P/Fitch US$300m (no grow) 144A/Reg S 5nc2 green sr unsec guaranteed notes. JPM (B&D) sole books, green structuring agent and development finance structuring agent. Co-mgrs: G&T, TBC. Early redemption: Years 1-2 – MWC (UST+50bps),  Year 3 – par + ½ coupon, Year 4 – par + ¼ coupon, Year 5 – par. Covenants: Guarantors maintenance (85% of Cons. Total Assets and EBITDA); Debt incurrence test (3.5x Cons. Net Leverage); Negative Pledge; Restricted Payments (generally at 50% cumulative Net Income); Other customary conditions: Asset Sales, Transactions with Affiliates, Mergers, etc. Governing Law / Listing: English Law / Euronext Dublin (GEM). UOP: Refinancing of existing shareholder loans and the balance, to finance water supply and sanitation capex. An amount equal to the net proceeds will be allocated to Eligible Projects as per GGU’s Green Finance Framework. Pricing 7/18. Settle 7/25 (T+5). IPTs: 9.00-9.25%.