Bakers and Hunton lead on Thai telco funding deal

International firms Baker & McKenzie and Hunton & Williams have taken lead roles on the ­creation of a $1.63bn (£1.05bn) credit facility agreement for Thai telecommunications company True Corporation.

The company plans to use the funding to expand its mobile phone network throughout Thailand, to refinance existing debts and as working capital for ­business operations.
A team from Baker & McKenzie, led by Bangkok-based banking and finance partner Chaveewan ­Likhitwattanachai, advised True Corporation on the financing and won the ­mandate through its longstanding relationship with the ­company.

Commenting on the deals, Likhitwattanachai said: “This financing ­transaction will, among other things, support our client’s nationwide network rollout of the mobile business under the high-speed system, which will provide better, more advanced communication technology to users in Thailand.”

A team from Hunton & Williams, led by Bangkok-based partner Manida ­Zinmerman, acted for the lead arrangers and lenders on the deal, which included the Siam Commercial Bank, Krung Thai Bank, United Overseas Bank and Export-Import Bank of Thailand.

The Baker & McKenzie team also concurrently advised the True Move Company, one of the largest mobile operators in ­Thailand, in connection with a tender for purchase of its outstanding US-dollar bonds in the amounts of $425m and $225m from the ­bondholders.