The Firm served as international transaction counsel to International Finance Corporation (IFC), the Netherlands Development Finance Company (FMO) and Westpac Bank Samoa Limited in their joint loans totaling $20.8 Million to Telecom Samoa Cellular Limited (TSCL) and its corporate parent Digicel (Samoa) Limited (DSL). The transaction closed in February, 2007.
TSCL and DSL are members of the Digicel group, an international provider of GSM telecommunications services with operations in twenty-two countries throughout Latin America and the Caribbean. The Firm has represented IFC in several other debt and equity investments in Digicel companies in other jurisdictions.
The loans are to be used for the partial financing of the acquisition and nationwide build-out of a GSM digital mobile telephony network in Samoa.
The Firm’s representation of IFC, FMO and Westpac Bank Samoa Limited included advice and assistance during negotiations, drafting of a common terms agreement, separate loan agreements for each lender and related documentation, and assisting Samoan counsel in the creation of local components of the security.