The company says this is $100 million than it raised three years ago, and $200 million of the new money will be used to pay for the 2019 bond. “The rest [is] designated primarily for general corporate purposes,” said Silknet.
Silknet CEO David Mamulaishvili (pictured; picture WWSF) said: “This successful fundraising is testament to how far Silknet has come in recent years. The new financing will improve the company’s liquidity and help ensure we continue to deliver a high-quality service to our clients. Silknet is at the forefront of delivering high-quality, reliable communications services across Georgia.”
Georgia, on the eastern coast of the Black Sea, is sandwiched between Russia to the north and Turkey, Armenia and Azerbaijan to the south.
Silknet began as a fixed-line company until it bought mobile operator Geocell for $153 million from Telia and Turkcell four years ago. It also offers streaming video services and satellite TV.
Mamulaishvili said: “Today’s news shows international investors recognise the strength of the business and its potential for future growth.”
George Ramishvili, Silknet chairman, said: “This successful refinancing is another sign that international markets increasingly recognise the significant investment potential Georgia has to offer. It is testament to the hard work of the Silknet team that we are today able to raise significant funds to continue to develop and grow the country’s flourishing telecoms sector.”
Capacity Media is planning the first-ever Capacity Caucasus & Central Asia conference in June 2022, to take place in neighbouring Azerbaijan.
