Norton Rose Fulbright has advised a syndicate of banks on a first of its kind corporate loan in Myanmar to Pan Asia Majestic Eagle Limited (PAMEL). The loan provides US$85 million to PAMEL to support its mobile telecommunications infrastructure in Myanmar.

The syndicate of banks comprises DBS Bank, ING Bank, OCBC Bank, Standard Chartered Bank and Sumitomo Mitsui Banking Corporation. ING Bank in Singapore acted as the facility agent and offshore security agent and CB Bank in Myanmar acted as the onshore security agent.

PAMEL is an independent provider of passive telecommunications infrastructure in Myanmar. The aim of the current construction is to build over 1,250 towers for Ooredoo Myanmar, as part of Ooredoo's provision of 3G mobile communications services nationwide across Myanmar. 

Yu-En Ong, banking partner in the Singapore office of Norton Rose Fulbright, commented:

“This is a groundbreaking transaction where the banks have taken on not just country and political risk but legal risk as well.  With a legal framework that has not been tested Myanmar is Asia’s true emerging market.  But with the faith that the sponsors and the banks have in Myanmar and the robust structure that was built around multiple assets such as towers, leases, real estate, shares etc., local consents, stamp duty, we managed to pull a complicated transaction through.”

The team was led in Singapore by partner Yu-En Ong as international counsel, assisted by senior associate Lishi Fong.  DFDL acted as the local counsel to the banks. Milbank and VDB Loi acted as international counsel and local counsel to PAMEL respectively.