MANILA - The Bank of the Philippine Islands on Thursday said it signed an agreement to finance the P77 billion landmark sale of PLDT Inc's towers to international investors.
PLDT Inc earlier announced it would sell 5,907 telco towers to ComWorks Infratech Corp (CIC) and ISOC edotco Towers Inc.
"Under the terms of the agreement, BPI will extend financing to the two tower companies involved in the P77 billion tower deal," BPI said in a statement.
The tower sale "represents the largest cross-border acquisition in the technology, media and telecommunications space in the Philippines and the largest acquisition of assets in the country by international investors," it added.
BPI said BPI Capital Corp acted as the mandated lead arranger while BPI Asset Management and Trust Corp acted as the facility agent and security agent in both loan facilities.
CIC was awarded 2,934 towers located in Luzon, while ISOC edotco with 2,973 tower assets in Luzon, Visayas and Mindanao, BPI said.
The tower portfolio would give the 2 common tower firms a headstart in building their operations in the country, PLDT Inc chairman Manny Pangilinan earlier said.
“We are pleased to enable this pioneering deal that will help accelerate the growth of the telecommunications industry," BPI President and CEO TG Limcaoco said.
"More than ever, connectivity plays a crucial role and BPI is committed to support these types of innovative and strategic acquisitions that will significantly contribute to a better Philippines,” he added.
The financing will allow edotco Group to "future-proof" the country's digital economy infrastructure, its CEO Adlan Tajudin said.
The government has been pushing for the common tower policy to improve connectivity in the country by co-locating facilities especially in the underserved and unserved areas.