MTN TAKES ANOTHER N200BN LOAN WITHIN 10 MONTHS


This is the second N200 billion loan the telecommunication company would be taking within 10 months as it signed one in August with a consortium of 12 banks.

MTN Nigeria has signed a seven-year N200 billion loan from a consortium of seven banks to fund emerging businesses in Nigeria.

Ferdi Moolman, MTN Nigeria CEO, signed the agreement at the law offices of Aluko & Oyebode in Lagos on Friday.

According to him: “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, and with new next-generation services,”

Moolman said the loan would help MTN fund its evolving business opportunities while assisting with capital expenditure and working capital to deliver enhanced customer service.

The agreement is with a consortium of seven mostly local banks, with Citibank acting as coordinator and Quantum Zenith as facility agent. .

“We have enjoyed remarkable funding support from Nigeria’s financial institutions since our first facility in 2003 and this has been critical to the development of one of the largest telecoms network in Africa, with over 60 million subscribers.

Ferdi Moolman said that this was the eighth syndicated loan agreement by MTN in Nigeria since its inception 18 years ago.

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Categories: ECONOMY

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