YANGON, Myanmar, Oct. 2, 2014 /PRNewswire/ — On September 30, 2014, Pan Asia Majestic Eagle Limited ("PAMEL"), an independent provider of telecommunications infrastructure in Myanmar, signed the first ever, non-recourse, cross border financing in Myanmar. The facility agreement provides US$85 million of financing to support its roll-out of tower site infrastructure in Myanmar. This first-of-its-kind facility was arranged by DBS Bank, ING Bank, OCBC Bank, Standard Chartered Bank and Sumitomo Mitsui Banking Corporation 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.
"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 honored 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 as they implement our vision for a modern Myanmar," said U Than Htun Aung, Director of Posts & Telecommunications Department, Myanmar.
PAMEL, headquartered in Yangon, was established in 2013 to serve as an independent provider of passive telecommunications infrastructure to support the rapid modernization of Myanmar. The focus of PAMEL’s current roll-out is the construction of over 1,250 towers for Ooredoo Myanmar, as part of Ooredoo’s provision of 3G mobile communications services nationwide across Myanmar.
Peter Egbertsen, Managing Director, PAMEL
Phone: + 41 799 02 8888