Irrawaddy Green Towers $122 million telecom tower construction finance

Overview:

• Malaysia-based mobile phone tower company Irrawaddy Green Towers has taken out a $122 million syndicated loan from a group of European development financing institutions, to build a network of 2,000 telecoms towers to serve 14 million people in Myanmar.
• The funding consists of an eight-year $109 million loan and a smaller nine-year subordinated loan of $13 million.
• The senior loan is co-financed by Deutsche Investitions- und Entwicklungsgesellschaft, Proparco, CDC Group, BIO and OeEB.
• The loan was arranged by the Netherlands Development Finance Company (FMO).
• Norton Rose Fulbright acted for the lenders, with Singapore partner Yu-En Ong taking the lead, assisted by senior associates Janelene Chen and Lishi Fong, associates Michael Kim and Zhenning Kong and paralegal Sequoia Zhang.