Rico Express plans to use GEL 200 million raised through its recent bond issue to expand its loan portfolio and invest in existing lending operations, according to the company’s management. The bond placement was carried out within the framework of the state capital market support program, with the participation of Foresight Brokers and the agency “Enterprise Georgia.”
The Chairman of the Supervisory Board of Rico Express said that the first GEL100 million tranche has already been successfully placed, while the second tranche is planned for 2026. He explained that issuing bonds was driven by the need to diversify funding sources and secure long-term financing.
“Obtaining long-term financing in GEL is very difficult today,” said Lasha Nikolaishvili. “This bond is attractive because it provides five-year funding in national currency, which is hard to achieve through traditional bank products.” He added that banks purchasing the bonds can use them as collateral at the National Bank, while the company benefits from unprecedented portfolio growth and an attractive interest rate.
The bond issue is intended to refinance GEL 130 million in bonds issued in 2023 and support further growth. The bonds are 80% secured by a credit portfolio, have a five-year maturity, and carry an interest rate of TIBR + 3%, strengthening Rico Express’s financial stability and long-term funding structure.
