TIW Completes Bank Debt Restructuring

On March 19, 2003, Telesystem International Wireless Inc. (TIW) closed the sale of a portion of its Romanian operations to an affiliate of Emerging Markets Partnership, a global private equity firm, for a total cash consideration of US$42 million and, on March 26, also the sale of all its Brazilian operations to an affiliate of Opportunity Fund for a total cash consideration of US$70 million. TIW used a portion of the proceeds of the sale to repay its outstanding indebtedness under its corporate credit facility with CIBC, Caisse de Dépôt et Placement du Québec, JP Morgan Chase Bank, Toronto Branch, Deutsche Bank AG, Canada Branch, and National Bank of Canada, thus completing its bank debt restructuring.

In connection with the restructuring, TIW was represented in Canada, by Margriet Zwarts, general counsel and secretary, and Gregoire Baillargeon, legal counsel, assisted by Silvia Nishi of Tozzini Freire Teixeira e Silva in São Paulo.

CIBC and the lenders were represented by Donald Francoeur and Gentiane Joyal (banking) of Fraser Milner Casgrain LLP in Montreal, assisted by Andrew Ferreira of Chancery Chambers in Barbados, and Paula Pessoa of Pinheiro Guimarães in Rio de Janiero.