Source - Alliance News

TBC Bank Group PLC - Tbilisi, Georgia-headquartered lender - Subsidiary JSC TBC Bank accepts $54.7 million for tender notes offer, about less than half of notes tendered. By Thursday, $111.5 million notes were tendered as aggregate principal amount. On March 23, JSC TBC Bank launched an invitation to holders of its outstanding $300.0 million 5.75% notes due 2024.

JSC TBC Bank conducted the tender offer to utilise its liquidity to optimise its liability portfolio and to reduce the amount of its outstanding debt under the notes, its parent bank says. Any notes tendered and accepted for purchase by JSC TBC Bank will be cancelled, TBC Bank adds.

On or about April 6, the holders will be paid the purchase price for the validly tendered and accepted notes including accrued interest amount from immediately preceding interest and payment date for the notes to the payment date, TBC Bank says.

Current stock price of TBC Bank: 1,118.00 pence, up 1.6% on Friday in London

12-month change: up 9.6%

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