AP Towers Group: USD140m sub-debt financing

Private capital raise

AP Towers Group: USD140m sub-debt financing

Private capital raise


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


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



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)