DFDL advised a consortium of lenders on local law requirements in Cambodia and Myanmar in relation to a USD2 billion senior secured term loan facility granted to Grab, the ride hailing giant in Southeast Asia. This is Grab’s first senior secured term loan facility which is based on commitments from international institutional investors and this financing is also the largest term loan B facility in the Asian technology sector. The facility is structured as a five year term loan B with a principal of USD 2 billion which was expanded from the USD 750 million envisaged earlier on due to palpable interest from investors and Grab’s demonstrable viability and proficiency in scaling up its business. The transaction greatly enhances DFDL’s record in advising on significant financing transactions in the region over recent years.
This term loan B facility will allow Grab to consolidate and shore up its liquidity base, increase functionality and available options under its super app ecosystem and continue to support Southeast Asia’s daily essential consumer needs. Additionally, the loan will help to diversify its sources of financing and establish a long-term, diversified capital structure.
JP Morgan served as the lead bookrunner while Barclays, Deutsche Bank, HSBC, Mizuho, MUFG and Standard Chartered acted as joint bookrunners.
The DFDL team was led by partners Martin Desautels (Senior Partner & Head of ASEAN Desk), William Greenlee (Partner & Managing Director, Myanmar/Singapore) and Nishant Choudhary (Partner & Deputy Managing Director, Myanmar), and advisers Chuanhow Tan (Senior Consultant, Head of Cambodia Banking & Finance Practice) and Bhawna Bakshi (Legal Adviser, Myanmar & ASEAN Desk).