Silk Road Group (“Silk Road Group Holding LLC”) has successfully completed its inaugural international bond offering — a USD 400 million 7.50% 5-year (5NC2) senior unsecured guaranteed bond under Regulation S / Rule 144A. The transaction marks a significant milestone for the Group and for Georgia’s private sector capital markets.

The issuance was jointly led by J.P. Morgan and UBS as Joint Lead Managers, Bookrunners and Rating Advisors. This landmark deal represents the largest private corporate issuance ever from Georgia, the tightest spread achieved by a Georgian private issuer, and the first international issuance from the country since July 2024, effectively reopening the market for Georgian borrowers. 

Alongside the aforementioned leading international investment banks, the co-lead managers of the transaction were TBC Capital, Galt & Taggart, and the international brokerage and investment bank Oppenheimer.
The legal aspects of the transaction were overseen by the global law firms Baker McKenzie and Dentons, in collaboration with local partners Dentons Georgia and BLC. Audit services were provided by KPMG.

The transaction generated a peak orderbook exceeding USD 1.3 billion, underscoring strong global investor confidence in the Group’s credit profile and growth trajectory.

George Ramishvili, Chairman of Silk Road Group: 

“This transaction marks a defining moment for Silk Road Group and for Georgia’s private sector as a whole. We are proud to have successfully accessed international capital markets with such strong support from global investors. The transaction strengthens our balance sheet, simplifies our capital structure, and positions us well for the next phase of growth. I would like to thank our partners at J.P. Morgan, UBS and all other advisors for their outstanding work and continued confidence in Silk Road Group.”

David Borger, Silk Road Group Board Member, Partner:

“The success of Silk Road Group Holding’s debut international bond is built on the solid track record of our operating companies, led by Silknet, and on the disciplined execution of our in-house financing team. This has been a truly rewarding collaboration of all advisors and teams, combining strategic focus with operational excellence.”

Stefan Weiler, Head of CEEMEA Debt Capital Markets at J.P. Morgan, commented: “We are very proud to have supported Silk Road Group in achieving this important milestone. The transaction was met with exceptional investor interest, reflecting both the company’s strong fundamentals and the broader appeal of Georgian corporates to global fixed income investors. It also reopens the international capital markets for issuers from Georgia, setting a new benchmark for quality and execution.”

Paul Mahony, Managing Director, Head of EMEA Corporate DCM & Infrastructure Financing Advisory at UBS, added: “Silk Road Group’s debut bond offering attracted a truly global and high-quality investor base. The outcome demonstrates international confidence in the Group’s strategy and the resilience of the Georgian economy. We are delighted to have partnered with Silk Road Group on this landmark transaction.”

This successful issuance further enhances Silk Road Group’s access to global capital markets and reinforces its reputation as one of Georgia’s leading diversified private groups, with activities spanning telecommunications, hospitality, real estate, and infrastructure. 

^{TRANSACTION HIGHLIGHTS}

• Issuer: Silk Road Group Holding LLC

• Issue Size: USD 400,000,000

• Coupon: 7.50%

• Structure: 5-year (5NC2) senior unsecured guaranteed notes

• Ratings: BB- (Fitch, Stable) / B1 (Moody’s, Stable)

• Listing: Euronext Dublin (GEM)

• Use of Proceeds: Refinancing of existing Silknet 2027 notes, repayment of bank and local debt, and general corporate purposes