Clifford Chance on $3.9B Philippines Telecom Project by Dito
Global law firm Clifford Chance has successfully guided a syndicate of international banks, led by Bank of China and ING, in securing an unprecedented US$3.9 billion financing deal 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 country.
China Export & Credit Insurance Corporation (Sinosure) provided commercial and political risk insurance cover for the financing, marking the largest commercial loan insured by Sinosure in its history. It also stands as the largest export credit agency (ECA)-backed financing globally in recent years.
The project’s complexity, which includes multicurrency billion-dollar commercial loans and a bespoke security and credit support package, saw Clifford Chance’s lead partner Vicky Ma emphasizing the firm’s instrumental role in advising the finance parties and achieving a successful financial close. The deal underscores Clifford Chance’s expertise and capabilities in handling intricate financing deals involving transnational stakeholders and entities.
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. 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.
Dito Telecommunity Corporation aims to enhance the Philippines’ nationwide connectivity by introducing faster and more secure 4G and 5G technology, meeting the rising demand for improved 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.