Dechert LLP acted as English, U.S. and Georgian counsel to its longstanding client JSC Georgian Oil and Gas Corporation ("GOGC") on GOGC’s tender offer to buy back any or all of its US$250 million of 6.875% Notes due 2017 from its debut offering in 2012 (the "Existing Notes") and on GOGC’s simultaneous new offering of US$250 million of 6.750% notes due 2021 (the "New Notes"). Dechert also advised GOGC on the 2012 issuance of the Existing Notes.

The offering of the New Notes closed on 26 April 2016 and was a condition to the successful completion of the tender offer for the Existing Notes, which settled on 6 May 2016. The offering of the New Notes was oversubscribed, while GOGC received tenders of, and accepted for purchase, an aggregate principal amount of US$195 million in principal amount of the Existing Notes.

The joint Dealer Managers/Lead Managers for the tender for the Existing Notes and the issuance of the New Notes were Barclays and J.P. Morgan.

Both the Existing Notes and the New Notes are listed on the London Stock Exchange.

The combination of the tender offer for the Existing Notes and the offering of the New Notes has allowed GOGC to extend its debt maturity profile, while also raising new financing. GOGC intends to use the new financing for general corporate purposes, which may include the provision of funding for a further combined cycle thermal power plant and an underground gas storage project.

Louise Roman, lead partner at Dechert on both the offering of the New Notes and the tender offer for the Existing Notes, said: "Dechert is delighted to have advised GOGC on this important liability management transaction, which marks the first international capital markets transaction by a Georgian state-owned company since 2012. We are hopeful that the success of this transaction will facilitate the re-entry of other Georgian issuers to the international capital markets."

The Dechert team of corporate and securities lawyers on the deal was led by Louise Roman (partner, Dubai/London/Tbilisi) and included Nicola Mariani (partner, Tbilisi), Archil Giorgadze (national partner, Tbilisi), Jennifer Buckett (lead associate, London) and Amy Rees (associate, London).