PTB is a private company wholly owned by Blackstone through the Blackstone Tactical Opportunities Fund.

The total project cost is estimated at 431 million Brazilian Reais (~$144 million), which is proposed to be financed with a combination of debt and internal cash generation.

The proposed IFC investment consists of up to 150 million Brazilian Reais (~$50 million) A loan for IFC's own account, the mobilization of up to 150 million Brazilian Reais (~$50 million) from parallel lenders with the balance of the total project cost funded through internal cash generation.

1. Foster competition: Competition among the independent tower operators will allow smaller wireless operators to benefit from reduced barriers to entry as they will have access to leased tower infrastructure for more competitive prices, rather than incurring large Capex for this purpose.
2. Increased wireless penetration: The construction of additional telecommunication towers will allow mobile operators to expand their services both in terms of capacity and geographic coverage, especially in rural or underserved areas. In addition, tower sharing will drive down the incremental cost of expanding coverage for all carriers thereby reducing the cost of mobile service for end users.
3. Access to ICT technologies: PTB tower network will support mobile cellular networks but also wireless broadband and backhaul networks, hence improving the penetration of ICT technologies.
   

1. Strengthen partnership with an existing client: This investment in the Company will signify IFC's long-term support to PTB as it seeks to consolidate its market position in the Brazil, and potentially expand to other countries in the region, where the Company hopes to seek IFC's support and financing.
2. Extend a long-term debt facility and mobilize: IFC will support the client through the extension and mobilization of local currency long term debt that fits the cash flow capacity of the business and supports its national expansion.
   

IFC’s appraisal considered PTB’s record of E&S performance under IFC’s existing investment in the company.  As noted above, PTB’s record of E&S performance is satisfactory.  Under IFC’s proposed investment, PTB will implement and develop, as discussed under PS1, its existing E&S management system with respect to its expanding operations.  Through continued implementation of PTB’s E&S management system, along with the application of any improvements as needed, the project is expected to be designed and operated in accordance with Performance Standard objectives.   

As there are no major adverse environmental or social impacts expected to result from the proposed project, and it is possible to avoid or mitigate any limited adverse impacts that might result, the proposed investment has been classified as a Category B project according to IFC’s Policy on Environmental and Social Sustainability.