Silknet US$300mn Notes Redeemed

Silknet fully redeemed its US$300mn 8.375% 2027 notes in Sep-25. The refinancing was led by its parent, Silk Road Group Holding LLC, which launched a cash tender offer alongside a consent solicitation to retire the remaining US$ 199.8mn outstanding (out of the US$ 300mn original issue, after prior repurchases). Investors who participated early were offered a higher cash price (102.0938% plus accrued interest), while late participants received 100% plus accrued interest. The buyback was funded primarily by a US$ 400mn 7.50% 5-year senior unsecured guaranteed bond issued by Silk Road Group, with a portion of the redemption financed from Silknet’s existing liquidity. The remaining proceeds from the new bond were earmarked for repayment of bank and local debt and to support group-level capex.

Following the full redemption of the 2027 notes in Sep-25, we discontinue coverage of Silknet.