The Bangkok office of White & Case has advised the arrangers on the refinancing of Bht34bn (US$830m) of debt for TA Orange, a leading mobile phone operator in Thailand.

White & Case (Thailand) Limited partners Manida Zinmerman and Weerawong Chittmittraphap led the firm's team advising the four Thai banks that arranged what was the largest corporate debt refinancing in Thailand this year. Singapore partner Margaret B. Cole provided English law advice, while the firm's Hong Kong office also assisted.

Other counsel on the refinancing included: Clifford Chance (Singapore and Bangkok), advising the offshore lenders; Shearman & Sterling, advising the company as international counsel; Siam Premier, advising the company as local counsel; Baker & McKenzie (Bangkok), advising CP Group; Linklaters (Bangkok), advising Alcatel; and Norton Rose (Bangkok), acting for Orange SA.

The Thai bank syndicate that provided some 80% of the total refinancing amount included Bangkok Bank, Kasikorn Bank, Krung Thai Bank, and Siam Commercial Bank. New funding of approximately US$220m is provided by International Finance Corporation and KfW of Germany, the latter with the guarantee of COFACE of France.

Zinmerman said: "This complex transaction involves applications of Thai and English law, as well as the amendment of an existing security structure for the benefit of the existing loans and the new funds."

The refinancing terms significantly reduces TA Orange's debt servicing costs and has also enabled True Corporation of Thailand to complete its purchase of European mobile phone operator Orange Group's 39% stake in TA Orange, lifting True's holdings to 83%. The deal closed on 29 September.