Georgian Railway’s landmark green bond issuance
JSC Georgian Railway became the first transport company in the Caucasus to issue a green bond after Dechert acted as English and U.S. counsel to the country’s railway company on its US$500 million green bonds.
This transaction underscores Dechert’s leading position in green and sustainability bonds, and our innovative approach in achieving successful outcomes for our clients.” Patrick Lyons Partner “
impressive pricing levels. “Interest was unprecedented,” says Dechert’s Jennifer Rees. The transaction demonstrates the strength of Dechert’s ESG bonds practice, following the firm’s successful involvement in the first sustainability bond issued in Africa, the first green bond by a Middle Eastern sovereign and the first ASEAN sustainability bond by a Philippine corporate, as well as the first-ever green bond issued under both ICMA’s and ASEAN’s principles.
Advising on this project entailed navigating multiple complexities,
including a simultaneous tender offer for a maturing Eurobond issued in 2012, a transaction on which Dechert also advised. Furthermore, the team successfully focused on maximizing GR’s operational and financial flexibility under the green bonds and negotiated side terms with two international finance institutions acting as anchor investors The offering was eight times oversubscribed, allowing GR to achieve
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