London—Dentons has advised JSC Silknet (Silknet), the telecommunications operator in Georgia, on its debut Rule 144A/Reg S bond issue of US$300 million 8.375% bonds due in 2027, together with a concurrent consent solicitation and tender offer in relation to its senior unsecured notes maturing in 2024. The offering was Silknet’s debut Rule 144A issuance. JP Morgan and UBS acted as bookrunners and lead managers, and TBC Capital was a lead manager.

Silknet, part of Silk Road Group, is Georgia's largest fixed network provider, offering households and businesses the full range of telecommunication services, such as mobile services, fixed broadband, pay TV and fixed telephony. In 2019, Dentons advised Silknet when it became the first private Georgian company outside the banking sector companies to issue Eurobonds.

Dentons provided capital markets legal advice from both its London and Tbilisi offices. The transaction was led by London-based Debt Capital Markets partner Nick Hayday and capital markets and US securities partner Cameron Half and Tbilisi-based Corporate partner Avto Svanidze. 

Silknet CEO David Mamulaishvili said: "This was a successful bond issue delivered against a challenging market backdrop. It really demonstrates the faith that our investors have in Silknet. The support from Dentons in London and Tbilisi was invaluable to this transaction." 

Nick Hayday said: "We were pleased to have the opportunity to work with the Silknet team again, which follows on from our work together on the 2019 debut Eurobond issue. There was significant market volatility and we were working to a tight timeframe but we all pulled together to successfully get this deal over the line."

Alongside Nick Hayday, Cameron Half and Avto Svanidze, the team advising on the deal included senior associate Victoria Wyer (who led on the liability management aspects of the deal), associate Niharika Khimji, trainee Thomas Breheny and solicitor apprentice Nia Powell in London, senior associate Irakli Pipia, and associates Sopho Mebonia and Neli Tsivtsivadze in Tbilisi. Support was also provided by US tax partner Rich Williams.

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