Dentons advises on Silk Road Group Holding's US$400 million Rule 144A/Reg S issue of guaranteed high yield notes and related tender offer

London-Dentons, the world's largest global law firm, has advised Silk Road Group Holding LLC (SRGH LLC), a diversified holding company in Georgia, on its inaugural Rule 144A/Reg S bond issue of US$400 million 7.500% guaranteed high yield notes due 2030 (the New Issue).

J.P. Morgan and UBS Investment Bank acted as joint bookrunners and joint lead managers, and Galt & Taggart, Oppenheimer, and TBC Capital were joint lead managers for the New Issue.
The bond is currently guaranteed by six of SRGH LLC's subsidiaries, and is to be guaranteed by a further subsidiary, JSC Silknet (Silknet), within 60 days following the date of issue.

Dentons also advised on the concurrent tender offer by SRGH LLC in respect of Silknet's then-existing unsecured notes maturing in 2027 (the Tender Offer) and related consent solicitation.

Dentons previously advised the Georgian-based telecommunication company on the issue of these notes in 2022. A portion of the proceeds from the New Issue were used to finance the purchase of the existing notes which were the subject of the Tender Offer.

Dentons provided capital markets legal advice from its both London and Tbilisi offices. The transaction was led by London-based partner and Head of Dentons' Banking and Financial Services Division, Nick Hayday, London-based high yield finance partner Colin Chang and capital markets and US securities partner Cameron Half, and Tbilisi-based Corporate partner Avto Svanidze.

SRGH LLC's CFO Nona Onani said: "We are pleased to have successfully brought this bond to market alongside the completion of the tender offer for our subsidiary, Silknet, marking another important milestone. Dentons' commitment and expertise in London and Tbilisi were instrumental in achieving these results."

Nick Hayday said: "We are delighted to have acted for the Silk Road team on this fantastic dual transaction. The successful delivery of the new bond issue and concurrent tender offer reflect Dentons' ability to deliver on complex debt capital markets transactions."

Alongside Nick Hayday, Colin Chang, Cameron Half and Avto Svanidze, the team advising on the deal included Managing Practice Development Lawyer David Ferris, associates Ed Varney, Miriam Babarinde, and Pichrotanak Bunthan, trainee Maria Polycarpou, and solicitor apprentice Lemuael Kyeremateng in London, and senior associates Neli Tsivtsivadze, Sopho Mebonia, and Natela Otaridze in Tbilisi.

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