KUALA LUMPUR: OCBC Bank (Malaysia) Bhd has arranged a syndicated term facility of up to US$700 million (about RM3.23 billion) for Edotco Group's subsidiary Edotco Investments (Labuan) Ltd.
The fundraising exercise is primarily to fund Edotco Group's recent acquisition of 2,973 towers in the Philippines through a sale and lease-back transaction with PLDT Inc.
According to OCBC Bank's statement on Thursday (June 1), the facility was structured on a multi-tranche basis for the purpose of refinancing, and for general corporate and investment purposes.
OCBC Bank was the lead coordinator and facility agent. DBS Bank Ltd and MUFG Bank Ltd Labuan Branch also participated in the syndication as mandated lead arrangers for the facility.
Edotco Group, which is 63%-owned by Axiata Group Bhd, is the first and leading regional integrated telecommunications infrastructure services company in Asia to provide end-to-end solutions in the tower services sector.
OCBC Bank managing director, senior banker and head of investment banking Tan Ai Chin said: “We are honoured to be entrusted with the lead role, as the lead coordinator and mandated lead arranger for this syndication, after the successful emplacement of Edotco Malaysia's maiden RM1.4 billion sukuk issuance in September 2022, for which OCBC Bank acted as the principal adviser and sustainability structuring adviser.
The successful financial close of this syndication further reinforces the bank's position as the top mandated lead arranger in the Bloomberg league table for loan syndication in Malaysia, she added.
“We are honoured to be a strategic financial partner in supporting Edotco Group's regional M&A (mergers and acquisitions) and path of expansion over the last decade to become one of the largest integrated telecommunications infrastructure services companies in Asia.”
Source : The Edge Markets
