Phoenix Tower B3 (IFC-40763)

Countries
  • Brazil
Where the impacts of the investment may be experienced.
Financial Institutions
  • International Finance Corporation (IFC)
International, regional and national development finance institutions. Many of these banks have a public interest mission, such as poverty reduction.
Project Status
Proposed
Bank Risk Rating
U
Risk rating varies among banks and may refer only to the particular investment and not to the risk for the project as a whole. Projects marked 'U' have an 'Unknown' risk rating at the time of disclosure.
Borrower
PHOENIX TOWERS PARTICIPACOES S.A.
The holder of the loan, grant, or other investment.
Sectors
  • Communications
The service or industry focus of the investment. A project can have several sectors.
Investment Type(s)
Loan
The categories of the bank investment: loan, grant, etc.
Investment Amount (USD)
$ 100.00 million
Value listed on project documents at time of disclosure. If necessary, converted to USD$. Please review updated project documents for more information.
Loan Amount (USD)
$ 100.00 million
Value listed on project documents at time of disclosure. If necessary, converted to USD$. Please review updated project documents for more information.
Project Cost (USD)
$ 100.00 million
Value listed on project documents at time of disclosure. If necessary, converted to USD$. Please see updated project documentation for more information.
Primary Source

Original disclosure @ IFC website

Updated in EWS Dec 13, 2017

Disclosed by Bank Nov 10, 2017


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Project Description
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.
Investment Description

Contact Information
ACCOUNTABILITY MECHANISM OF IFC The Compliance Advisor Ombudsman (CAO) is the independent complaint mechanism and fact-finding body for people who believe they are likely to be, or have been, adversely affected by an IFC or MIGA- financed project. If you submit a complaint to the CAO, they may assist you in resolving a dispute with the company and/or investigate to assess whether the IFC is following its own policies and procedures for preventing harm to people or the environment. If you want to submit a complaint electronically, you can email the CAO at CAO@worldbankgroup.org. You can learn more about the CAO and how to file a complaint at http://www.cao-ombudsman.org/