BAKU, Azerbaijan, October 7
By Tamilla Mammadova – Trend:
JSC Georgian Oil and Gas Corporation (GOGC) is considering the possibility of early redemption of Eurobonds of $250 million, Trend reports via the GOGC.
It is planned to use a loan provided by the European Bank for Reconstruction and Development (EBRD) of $217 million for the buyback.
"The full maturity of the bonds expires in April 2021, but the corporation has the right to repurchase the bonds ahead of schedule," the statement said.
According to the corporation, to secure the loan, Gardabani-1 TPP and Gardabani-2 TPP were invested.
Georgian Oil and Gas Corporation first issued Eurobonds worth $250 million in 2012 and placed them on the London Stock Exchange.
The corporation, in consultation with investment banks, rejected the buyback of Eurobonds in 2016, placing new Eurobonds and resorting to alternative refinancing methods.
JSC Georgian Oil and Gas Corporation is a multidisciplinary company operating in various fields of energy. It has the status of the National Oil Company and protects the interests of the state in production sharing agreements signed with investors.
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