Clifford Chance and Romulo Mabanta Buenaventura Sayoc & de los Angeles have advised the lenders on the $3.9 billion financing of Dito Telecommunity’s 4G and 5G telecommunications network in the Philippines, with Shearman and Sterling and Villaraza & Angangco advising Dito.

Dito is the third and newest telecommunications operator in the Philippines. In a statement, it said that the 15-year long-term project finance facility, would be “one of the largest long-term debt arranged and syndicated by a group of multinational banks for a Philippine corporation.”

The syndicate of banks was led by Bank of China and ING as mandated lead arrangers. China Export & Credit Insurance Corporation (Sinosure) provided commercial and political risk insurance cover to the financing.

The Clifford Chance team was headed by partner Vicky Ma, with help from partner Matthew Buchanan. The Romulo team was led by senior partner Jose Salvador Mirasol.

The Shearman and Sterling team was led by partner Li Chen, while the V&A team included senior partners Franchette Acosta and Sylvette Tankiang, and junior partner Richard Beltran.