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6 May 2022

BPI To Finance Landmark Php 77B Sale Of PLDT Towers To Leading Global Tower Operators

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SyCip Salazar Hernandez & Gatmaitan

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SyCip Salazar Hernandez & Gatmaitan was founded in 1945 and is a leading full-service law firm in the Philippines. Its principal office is in Makati City, with branch offices in Cebu City, Davao City and the Subic Bay Freeport Zone. The firm offers a broad and integrated range of legal services, with departments in the following fields: banking, finance and securities; special projects; corporate services; litigation and dispute resolution; employment law and immigration; intellectual property; and tax.
Bank of the Philippine Islands (BPI) recently inked two term loan facility agreements amounting to Php 77 billion, enabling the sale of PLDT's telecom towers to international tower operators
Philippines Finance and Banking

Bank of the Philippine Islands (BPI) recently inked two term loan facility agreements amounting to Php 77 billion, enabling the sale of PLDT's telecom towers to international tower operators, ComWorks Infratech Corp. (CIC) and ISOC edotco Towers, Inc.

In a statement, BPI said this tower sale "represents the largest cross-border acquisition in the technology, media and telecommunications space in the Philippines and the largest acquisition of assets in the country by international investors."

CIC was awarded 2,934 towers in Luzon, while ISOC edotco with 2,973 tower assets in Luzon, Visayas and Mindanao, according to BPI.

According to the edotco Group, this financing will allow the group to "future-proof" the country's digital economy infrastructure. This move underscores the government's efforts to improve connectivity in the country by co-locating facilities especially in the underserved and unserved areas.

BPI Capital Corp. served as the mandated lead arranger, while BPI Asset Management and Trust Corp. was the facility and security agent for both loan facilities. SyCip Salazar Hernandez & Gatmaitan (SyCipLaw) acted as counsel to the mandated lead arranger and the lender for each of the loan facilities.

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