Pan Asia Majestic Eagle Limited (PAMEL), an independent provider of telecommunications infrastructure in Myanmar, has signed the first ever, non-recourse, cross border financing in Myanmar, the firm said.
The facility agreement provides $85 million of financing to support its rollout of tower site infrastructure in Myanmar.
This facility was arranged by DBS Bank, ING Bank, OCBC Bank, Standard Chartered Bank and Sumitomo Mitsui Banking Corp who provided the financing directly to PAMEL, a Myanmar borrower.
ING Bank in Singapore is acting as the Facility Agent and Offshore Security Agent and CB Bank in Myanmar is acting as the Onshore Security Agent, PAMEL said.
“This is truly a landmark occasion with international banks showing their confidence in both PAMEL and Myanmar and the development of infrastructure by providing this facility,” said Peter Egbertsen, PAMEL’s Managing Director.
“These five banks have been incredibly supportive to our company throughout our financing discussions and we are honoured to be the first Myanmar company to obtain financing of this type from such strong banking institutions in the region.”
As the first cross-border, non-recourse corporate loan into Myanmar, the facility paves the way for the expansion of commercial bank financing into Myanmar.
The use of the loan to assist with the development of telecommunications infrastructure also serves to ensure that the expansion of the mobile telecommunications network in Myanmar continues according to plan.
“We are very pleased that Pan Asia Majestic Eagle has been able to secure this financing as part of their development of telecommunications infrastructure in Myanmar and we value the support they are providing to Myanmar’s telecommunications network providers,” said U Than Htun Aung, director of Posts & Telecommunications Department.
PAMEL, headquartered in Yangon, was established in 2013 to serve as an independent provider of passive telecommunications infrastructure to support the rapid modernisation of Myanmar.
The focus of PAMEL’s current rollout is the construction of over 1,250 towers for Ooredoo Myanmar.
