London—Dentons has advised JSC Silknet, one of the leading convergent telecommunications operators in Georgia on its debut Reg S bond issue of US$200 million 11% bonds due in 2024.

The issuer recently merged with Geocell, a leading mobile operator in Georgia giving it the opportunity to provide a true "quad-play" offering across fixed line, fixed broadband, pay television and mobile in Georgia. The listing particulars for the bonds include pro-forma financial information reflecting this transaction. The bonds are listed on Euronext, Dublin.

The Joint Lead Managers were J.P. Morgan, UBS Investment Bank and TBC Capital. Dentons fielded capital markets teams in London and Tbilisi to deliver the deal to very tight deadlines. The transaction was led by Capital Markets partner Nick Hayday in London and Corporate partner Avto Svanidze in Tbilisi.

SRG Chairman George Ramishvili commented: “The bond issue reflects the strength and the potential of Silknet, the company provides a truly comprehensive communication and entertainment offer for consumers and businesses. The issue attracted investors from a wide range of geographies."

Silknet CEO, David Mamulaishvili said “Investors taking advantage of this issuance will benefit from unrivalled exposure to Georgia, the former CIS’s most promising success story for its entrepreneurial business environment."

Nick Hayday said: "We are delighted to have worked with JSC Silknet and the underwriters – J.P. Morgan, UBS Investment Bank and TBC Capital – on this debut bond transaction. We are pleased to see this significant Georgian bond issue come to market after much hard work by all. The issuance also reflects Dentons' continuing strength in emerging market capital markets transactions."

JSC Silknet is part of Silk Road Group and is one of Georgia's leading telecommunications operators offering a full range of telecommunication services, such as mobile services, fixed broadband, Pay TV and fixed telephone. Silknet delivers various telecom services to 1.7 million customers across the country.

Alongside Nick Hayday and Avto Svanidze, the team advising on the deal included associates Nicholas Yaoand Kathryn Finch and trainees Niharika Khimji, George Savage and Gemma Dreelan in London, and associates Irakli Pipia, Sopho Mebonia and Neli Tsivtsivadze in Tbilisi. Support was also provided by London based capital markets partners David Cohen and Cameron Half.

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