Phoenix Tower B3

completed

Phoenix Tower do Brasil (“PTB” or the “company”) plans to build about 1,400 telecommunication towers by December 2021 in its ongoing strategy to own and operate strategic wireless infrastructure in Brazil.  For this purpose, and for refinancing existing loans to PTB from IFC and another lender, IFC is considering the provision of a new loan facility to be valued at up to $50 million equivalent along with syndicated loans of up to $50 million equivalent to PTB.  IFC has an existing investment in PTB of $27 million equivalent.  IFC’s first investment in PTB helped to finance the company’s previous plans to build new telecommunication towers in Brazil, with an Environmental and Social Review Summary at  https://disclosures.ifc.org/#/projectDetail/ESRS/36722 .  The company’s E&S performance has been satisfactory under IFC’s first investment (#36722). IFC also publicly disclosed a proposed second investment of $13 million equivalent in May 2017, with an Environmental and Social Review Summary at  https://disclosures.ifc.org/#/projectDetail/ESRS/39576 .  However, the proposed second investment has not yet been committed, and it will be abandoned if the new proposed investment is pursued.