TelecomAsia

completed

TelecomAsia was established by the Charoen Pokphand Group (CP Group) in November 1990 and is a strategic alliance between the CP Group and Verizon Communications (formed by the merger of Bell Atlantic and GTE). In 1991, TA was granted a 25 year concession by the state-owned Telephone Organization of Thailand (TOT) to build and operate 2.6 million lines for the fixed line telecom network in Bangkok.As a result of the Asian crisis in 1997 and the resultant Thai economic downturn and currency devaluation, the company''s financial situation deteriorated. A financial restructuring was completed early in 2000 which resulted in a more appropriate repayment schedule for outstanding debts.The proposed project would refinance foreign currency debt with long term local currency debt raised in Thailand. IFC will partially guarantee the longest maturity tranches in order to promote and develop longer maturity corporate debt issuance in Thailand, provide quality long term investment opportunities for local investors and assist TelecomAsia in completing the post crisis rebalancing of its capital structure in a sound and sustainable fashion.