LONDON (ShareCast) - (ShareCast News) - The holding company for the Bank of Georgia, Bgeo Group's property subsidiary has issued $25m worth of bonds in the local of market.
M2 Real Estate placed $25m of bonds in the local market, with the FTSE 250 company's banking arm, Galt & Target acting as broker.

The bonds were issued with a three-year tenor and with a yearly coupon rate of 7.5% payable semi-annually.

The funds raised will used to refinancing the property business's existing bonds and financing planned development projects

Chief executive Irakli Gilauri said: "I am pleased to see that m2 Real Estate continues to diversify its funding sources through local capital market transactions. This is the fourth local bond placement for m2 Real Estate in the last two years. I am also glad that Galt & Taggart, our investment banking and brokerage subsidiary, continues to lead local capital market transactions and has acted as a placement agent for this transaction."

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