Recently listed telecoms giant, MTN Nigeria, has raised 200 billion Naira from a consortium of seven mostly local banks – Access Bank, GT Bank, Zenith International Bank, Fidelity Bank, First City Monument Bank, United Bank for Africa and First Bank of Nigeria Limited.
According to MTN, the seven year medium-term facility would enable the company to fund its evolving business opportunities while assisting with capital expenditure and working capital, to deliver enhanced customer service.
The facility was coordinated by Citibank, while Quantum Zenith acted as facility agent.
Mr Ferdi Moolman, the company’s Chief Executive Officer, said “This facility expands our existing successful domestic debt programme which we are using to fund increased network capacity and the expansion of both the voice and data services on our network to customers in new areas.
“We have enjoyed remarkable funding support for Nigeria’s financial institutions since our first facility in 2003 and this has been critical to the development of the largest telecommunications network in Africa,” He added.
He said the syndicated loan showcased the strength of the Nigerian financial institutions and their confidence in MTN’s vision as well as both parties joint ability to stimulate significant economic growth.
MTN Nigeria recently listed on the Nigerian Stock Exchange with a total of 20.35 billion shares at N90 per share.
