ATH Pacific

pending

Amalgamated Telecom Holdings Limited (“ATH”), mobile network operator (“MNO”) has operations in Fiji, Kiribati, Vanuatu, Samoa, American Samoa, the Cook Islands and PNG. The proposed financing consists of four (4) individual loan facilities for a total of US$ 80,026,784 in local currency, to be structured through separate direct loan agreements with four of ATH’s subsidiaries or Operating Companies (“OpCos”), namely (i) Digitec Communications Limited (i.e., Vodafone Papua New Guinea); (ii) Telecom Vanuatu Limited (i.e., Vodafone Vanuatu); (iii) ATH Kiribati Limited (i.e., Vodafone Kiribati); and (iv) Vodafone Samoa Limited (i.e., Vodafone Samoa). Vodafone Samoa is currently operating approximately 132 towers, seven retail shops, two datacenters, and planned to have additional 15 towers in the next three years. Vodafone PNG is currently running nearly 800 towers, four datacenters, and plans for additional 400 towers, mainly collocated with other service providers (e.g., mining companies). Vodafone Vanuatu has 131 operating towers, and plans for additional 40 sites from Universal Access Policy program. Vodafone Kiribati currently has approximately 43-45 towers in operation and has an extension plan to smaller islands in the next 3-4 years. The use of proceeds includes CAPEX for upgrades of existing systems including storage, retail shops, kiosks, furniture, network/IT system upgrades, terrestrial copper to fiber network replacement, and ancillaries, including spare equipment, power generators, vehicles, etc. The CAPEX will not cover any installation of new towers or major facilities. The proposed financing is also to support ATH to repay its existing USD debt, which was incurred to previously fund the OpCos (the “Project”).