November 26, 2025 – Dentons’ Tbilisi office has acted as local counsel to J.P. Morgan, Citigroup, BCP Securities, Société Générale, Oppenheimer and Galt & Taggart, as Joint Lead Managers, on issuance of GEL 450 million 11.50% senior unsecured Notes by Lion Finance Group PLC’s banking subsidiary in Georgia, JSC Bank of Georgia. The Notes were issued in accordance with Reg S/Rule 144A and sold at an issue price of 100%. The Notes are listed on Euronext Dublin and are rated Ba2 by Moody’s Investors Service Ltd.

The Dentons’ team on the deal was led by Partner Avto Svanidze and included Senior Associates Neli Tsivtsivadze, Sopho Mebonia and Natela Otaridze, and Associates Lela Basilaia and Veriko Berekashvili.

Avto Svanidze commented: “We are delighted to work together with Sidley Austin LLP, international counsel, on the largest local-currency Eurobond from the private sector across the Caucasus, Turkey, and Central Asia in 2025. Our practice has longstanding history of working on Bank of Georgia capital markets transactions, such as its first corporate Eurobond listing, and its listing on the London Stock Exchange, the first international IPO from Georgia.”

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In the 2025 edition of IFLR1000, Dentons’ Tbilisi office has maintained a strong position across key financial and corporate transactional practices in Georgia.

The firm continues to be ranked Tier 1 for both practice areas covered for Georgia – Financial and Corporate and Project Development.  Dentons’ Tbilisi practice both partners received prestigious Market Leader (Avto Svanidze) and Highly Regarded (Otar Kipshidze) rankings. Additionally, two our senior associates – Neli Tsivtsivadze and Sopho Mebonia are recognized as Rising Stars.  This result underscores our commitment to delivering exceptional legal services and innovative solutions to clients navigating complex transactions on the market .

Otar Kipshidze commented: “Another major success for our office. Dentons Georgia is again ranked in Tier 1 in both practice areas covered for Georgia by IFLR 1000. In addition to firm rankings, we have 4 individual rankings, which demonstrates our strength and market standing. Well done Avto Svanidze, Neli Tsivtsivadze and Sopho Mebonia. Many thanks and congratulations to our team for their hard work and dedication. And many thanks to our clients and peers for their support and recommendation!”

IFLR1000 is a leading international legal market research product specialised in ranking financial and corporate law firms and lawyers.

About Dentons

Redefining possibilities. Together, everywhere. For more information visit dentons.com

The cross-border team of Dentons, the world’s largest global law firm, has advised Silk Road Group Holding LLC (SRGH LLC) 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 seven of SRGH LLC’s subsidiaries, including JSC Silknet (Silknet).

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 both through its London and Tbilisi offices. The transaction was led by Tbilisi-based Corporate partner Avto Svanidze, 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.

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.”

Avto Svanidze commented: Congratulations to Silk Road Group Holding LLC on the successful issuance of US$400 million eurobonds. Dentons is proud to be part of this great deal. Special thanks to our team in Tbilisi Neli Tsivtsivadze, Sopho Mebonia, Natela Otaridze and others who worked very hard to make this happen alongside Dentons London team, banks and other counsels involved.”

About Dentons

Redefining possibilities. Together, everywhere. For more information visit dentons.com

The International Accounting Awards (IAFA) is a prestigious ceremony held each year in London.

Winning at IAFA carries significant prestige, with accreditation and recognition as one of the most important events in the accounting and professional services sector. Winners are selected by an independent panel of judges, consisting of top accounting industry experts, researchers, and media representatives.

This award recognizes leading global providers of accounting services and highlights the exceptional quality, dedication, and collaboration of Moore Global’s 234 member firms.

In Georgia, Moore Global is represented by Moore Abc, which provides a full range of audit, accounting, valuation, tax and advisory services to both local and international businesses. According to SARAS data, Moore Abc demonstrated strong growth in 2024, recording a 63% year-over-year increase in audit-related revenue.

The International Accounting Forum & Awards (IAFA) is an annual event organized by Arena International Events Group, with the support of the International Accounting Bulletin (IAB)—a leading magazine and research platform in the accounting industry that has reported on global networks and associations for decades.

The core goals of IAFA are to:

• Recognize and reward firms demonstrating innovation, high service quality, and ethical standards
• Highlight industry leaders and emerging trends
• Encourage collaboration between professional networks and firms on a global scale

This remarkable achievement showcases Moore Global’s leadership in the industry and its commitment to delivering excellence, innovative services and the highest standards of professional integrity. As an active member firm, Moore Abc is honored to contribute to this shared success and remains dedicated to upholding the values and quality that define Moore Global around the world.

Moore Global Network is an international network represented by 563 offices with more than 37,000 people in 116 countries around the world, supporting business navigating constant change with confidence in ever-changing world.