Telesystem International Wireless Restructures Credit Facility

On July 3, 2001, Charles Sirois’ Telesystem International Wireless Inc. (TIW) and various foreign subsidiaries closed the restructuring of a US$83.5 million credit facility with Canadian Imperial Bank of Commerce, Caisse de Dépôt et Placement du Québec, The Chase Manhattan Bank, Toronto Branch, Deutsche Bank, Canada Branch and National Bank of Canada, with Canadian Imperial Bank of Commerce as Agent, and agreed on the terms of the restructuring of its High Yield Notes with TIW’s High Yield Noteholders.

André Gauthier, Vice-President, Finance, Terry Enepekides, Director, Finance, Margriet Zwarts, General Counsel and Secretary, Helene Hallak, Senior Legal Counsel, and Gregoire Baillargeon, Senior Legal Counsel of TIW, and Xeno C. Martis (banking/corporate finance), Robert Paré (securities/corporate finance), Gilles Leclerc (securities/corporate finance) and Alain Riendeau (litigation/restructuring), all of Montreal’s Fasken Martineau DuMoulin LLP, acted as lead counsel for TIW and its subsidiaries, assisted by Stibbe Simont Monahan Duhot P.C. on matters of Netherlands and Netherlands Antilles law, Lex Caribbean on matters of Barbados law, Tozzini, Freire, Teixeira e Silva on matters of Brazilian law, and Pillsbury Winthrop LLP on matters of US law.

Brian McDonough of CIBC Toronto led the team of Canadian and US lenders, and Donald Francoeur and Claire Zikovsky of Montreal’s Stikeman Elliott acted as lead counsel for CIBC and the lenders, assisted by De Brauw Blackstone Westbroek N.V. on matters of Netherlands and Netherlands Antilles law, Chancery Chambers on matters of Caribbean law and Pinheiro Guimaraes on matters of Brazilian law.