|DFDL is advising a consortium of Singapore-based banks (“Lenders”) in connection with what is regarded as the first non-recourse, cross-border, private sector loan financing in Myanmar.
The Lenders are currently working on completing the conditions precedent for first drawdown of the loan, which is expected before the end of the year. DFDL played a key role in advising on the Myanmar law aspects of the finance documents and in designing and creating the comprehensive Myanmar law security package.
The Lenders provided the USD 85 million loan directly to Pan Asia Majestic Eagle Limited (PAMEL) for financing support of the rollout of its network of over 1,250 telecommunications towers across Myanmar for Ooredoo Myanmar.
The Lenders comprise Standard Chartered Bank, ING Bank, DBS Bank, OCBC Bank and Sumitomo Mitsui Banking Corporation. ING Bank is acting as the Facility Agent and Offshore Security Agent and CB Bank in Myanmar is acting as the Onshore Security Agent.
The borrower PAMEL, headquartered in Yangon, is an independent provider of telecommunications infrastructure in Myanmar that was established in 2013.
Qatar-based Ooredoo, a leading international communications company, and Norway’s Telenor were awarded telecommunication licenses in Myanmar in June 2013. Ooredoo focuses on the social and economic development of communities and in particular on providing 3G mobile communications services across Myanmar and support the rapid modernization of the country.
The Myanmar telecommunication sector is quickly growing after the long isolation from the global markets.
This transaction is noteworthy to reestablish, modernize and expand the banking and financing into the country. It is likely to encourage other infrastructure developments in Myanmar.
DFDL’s Managing Partner Martin Desautels said “DFDL is pleased to advise on this groundbreaking project that will change the telecommunications landscape in Myanmar. DFDL’s long presence in Myanmar and the efficient team on the ground with in-depth knowledge of local laws and regulations has helped tremendously.”
Other law firms involved in the project include Norton Rose Fulbright (international counsel for the banks), and Milbank, Tweed, Hadley & McCloy, a New York-based law firm (international counsel to PAMEL).
Founded in 1994, DFDL is the first leading international law firm specialized in emerging markets with a pan-regional legal and tax expertise developed throughout the Mekong region (Cambodia, the Lao PDR, Thailand, Myanmar, Vietnam), Indonesia, Singapore, and Bangladesh, and with a dedicated focus on ASEAN and beyond.
With a team of over 140 local and foreigner lawyers and advisers and 300 staff, working closely together within a fast growing network of 12 offices in Asia, we provide personalized and cost-effective legal, tax and consulting services and solutions with particular expertise in:
William D. Greenlee Jr.