Client
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AP Towers Holdings Pte. Ltd.
(“AP Towers Group”)
Investor group
Lead investor(s):
- Sovereign wealth fund
- Global insurance company
Follow-on investor(s):
- Specialist credit funds
- Non-bank finance companies
Transaction summary
Deal value
USD140m
Transaction highlights
- Largest subordinated debt facility in the Myanmar telecoms industry to date
- Facility placed entirely with non-bank investors, ensuring no cannibalisation of senior bank capacity
- More than 600 basis points reduction in funding cost over prior financing
Completion
Apr-20
Client description
- AP Towers Group is the largest independent tower company in Myanmar with all major mobile operators as tenants
Portfolio of ~3,200 towers and ~6,600 tenancies (tenancy ratio of 2.06x)
Majority owned by funds managed by TPG Global, LLC
Redpeak role
–
Sole financial advisor and arranger on the financing
–
Navigated investors through a complex transaction structure involving two underlying operating entities with separate senior debt facilities
–
Attracted significant interest from a diverse pool of global mezzanine debt investors
–
Transaction closed during highly uncertain times (COVID-19 pandemic and related restrictions)
