Clifford Chance advised Bank of China and ING Bank on Philippines telecom project by Dito Telecommunity Corporation
Clifford Chance advised Bank of China and ING Bank on Philippines telecom project by Dito Telecommunity Corporation
The transaction was worth US$3.9 billion
International law firm Clifford Chance has guided a syndicate of international banks, led by the Bank of China and ING Bank in securing an unprecedented financing deal. The transaction is for the development of a nationwide 4G and 5G telecommunications network in the Philippines by Dito Telecommunity Corporation.
Dito, the third and the newest telecommunications operator in the country aims to enhance the nationwide connectivity by introducing faster and more secure technology, meeting the rising demand for improved internet connectivity availability and quality.
Sinosure, China Export & Credit Insurance Corporation, provided commercial and political risk insurance cover for the financing. This marked the largest commercial loan insured by Sinosure in its history. It also stands as the largest export credit agency-backed financing globally in recent years.
The project’s complexity, including multi-currency billion-dollar commercial loans and a bespoke security and credit support package, led Clifford Chance’s lead partner Vicky Ma to emphasize the firm’s role in advising the finance parties and achieving success. It underscored the firm’s expertise and capabilities in handling intricate financing deals involving transnational stakeholders and entities.
Clifford Chance regularly advises on major cross-border financing transactions for large-scale infrastructure projects, including the 5GW Elanora offshore wind farm project in Australia and the US$213 million senior debt facility to finance AdaniConneX’s data centre asset portfolio in India.
A cross-border team from Clifford Chance across Hong Kong, Beijing, Singapore, and Dubai collaborated on the transaction.
The core team comprised counsel Chengcheng Wu, senior associate Jia Yin Leong, associate Harry Zhang, and trainee solicitor Alice Tsui.
The construction aspects were handled by partner Matthew Buchanan, counsel Marcella Stokell, and senior associate Georgina Roest, while senior associate Desmond Ng addressed Singapore law aspects.
Romulo Mabanta Buenaventura Sayoc & de los Angeles acted as Philippines law counsel.
