Global law firm Norton Rose Fulbright has advised DBS Bank Ltd (DBS), ING Bank N.V. (ING), and Oversea-Chinese Banking Corporation Limited (OCBC) as mandated lead arrangers in connection with the leveraged buyout by global private equity firm TPG of Pan Asia Majestic Eagle Limited (PAMEL), one of the largest telecom tower companies in Myanmar.
This deal is the first leveraged buyout in Myanmar. This transaction has been nominated for ‘Asia TMT Deal of the Year 2018’ by TMT Finance Magazine.
The transaction was challenging, involving a range of security, structural and regulatory issues, including those issues that arose due to the change in the Myanmar Companies Act which came into force during the transaction.
Norton Rose Fulbright partner and head of Singapore Yu-En Ong and of counsel Lishi Fong led the team which advised the lenders. The team also included corporate finance partner Craig Loveless, technology of counsel David Olds and finance associate Kai Ye Ang.
Yu-En commented: “We are delighted to be advising on another landmark transaction in Myanmar, this time involving one of the world’s largest alternative asset managers. Our team has worked alongside the developers, financiers and the regulatory authorities in a sector that has gained tremendous growth since the market opened up in 2012. We anticipate increased foreign investments into Myanmar and Norton Rose Fulbright is well placed to service our clients on all fronts.”
Norton Rose Fulbright in Singapore previously advised on the original financing to PAMEL for the construction of over 1250 telecom towers in 2014 which was then the first ever offshore limited recourse financing into Myanmar. This deal was awarded ‘Finance Deal of the Year 2015’ at The Asian Lawyer’s Asia Legal Awards 2015.
In 2015 the firm also advised the lenders to Irrawaddy Green Towers, currently the second largest towerco in Myanmar, for the construction and roll out of more than 2000 telecom towers across the country. The deal, led by FMO, represented one of the first development finance institution-led financings in Myanmar.
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