Taylor-DeJongh has been selected to be a financial adviser to US Ex-Im Bank on a telecoms project in Saudi Arabia. The project aims to enhance wireless communication facilities in Saudi Arabia through the implementation of a nationwide iDEN system.
Taylor-DeJongh’s role in the project will include financial analysis, risk evaluation and structuring of the security package.
Public Telecomunications Company (PTC), the borrower, will use equipment supplied by Motorola. The network will offer the push-to-talk (PTT) services known to the US public as Nextel’s DirectConnect facility. TDJ and the other parties are embarking on the due diligence process with a view to reaching financial close by the end of the year.
This transaction represents the first ever commercial or project financing in Saudi Arabia by US Ex-Im. The structuring of Ex-Im’s terms and security package could well lay the groundwork for the bank’s participation in some of the massive petrochemical financings to come in that country. The legal advisors to Ex-Im are Allen & Overy, and the technical and market advisors are Yankee Group.
Terry Newendorp and Afonso Reis e Sousa are leading TDJ’s efforts with analysis support from Shilpa Shah.