Clifford Chance

Clifford Chance advises bank syndicate on US$3.9 billion financing of 4G and 5G telecommunications network development in the Philippines

Global law firm Clifford Chance has advised a syndicate of international banks, led by Bank of China and ING as initial mandated lead arrangers, on the international aspects of its approximately US$3.9 billion financing for the development of a nationwide 4G and 5G telecommunications network in the Philippines by Dito Telecommunity Corporation (Dito), the third and newest telecommunications operator in the Philippines.

China Export & Credit Insurance Corporation (Sinosure) provided commercial and political risk insurance cover to the financing. The project signifies the largest commercial loan in terms of loan size that has ever been insured by Sinosure in its history and is also the largest export credit agency (ECA)-backed financing globally in recent years.

Lead partner Vicky Ma said, “With the project’s complex financing structure, which includes multicurrency billion-dollar commercial loans and a bespoke security and credit support package, we are proud to have played an instrumental role in advising the finance parties on this highly complex financing and delivering a successful financial close to all of the stakeholders. This underscores our expertise and capabilities in advising on complex financing deals involving transnational stakeholders and entities.”

Vicky was supported by a cross-border Clifford Chance team in Hong Kong, Beijing, Singapore and Dubai, with a core team comprising counsel Chengcheng Wu, senior associate Jia Yin Leong, associate Harry Zhang and trainee solicitor Alice Tsui. Partner Matthew Buchanan, counsel Marcella Stokell and senior associate Georgina Roest advised on construction aspects, and senior associate Desmond Ng advised on Singapore law aspects. Romulo Mabanta Buenaventura Sayoc & de los Angeles acted as Philippines law counsel.

Dito aims to improve the Philippines’ nationwide connectivity with faster and secure high value 4G and 5G technology to meet the ever-rising demand for internet connectivity availability and quality.

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.