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Friday,
May 17, 2019 05:46 PM / NSE / Header Image Credit: NSE
Leading
Information and Communications Technology (ICT) company, MTN Nigeria
Communications Plc (“MTN”), today announced the signing of a 7-year N200
billion Medium Term Facility with a consortium of seven (7) mostly local banks,
with Citibank acting as co-ordinator and Quantum Zenith as Facility Agent.
The
agreement was formally signed at a ceremony at the law offices of Aluko &
Oyebode in Ikoyi, Lagos, in the presence of key partners and other
stakeholders. The Medium Term Facility will enable MTN to fund its evolving
business opportunities while assisting with capital expenditure and working
capital, to deliver enhanced customer service. It follows the successful
establishment of a similar seven year, N200 billion facility by MTN in 2018 and
forms part of the company’s wider programme to raise domestic debt.
Speaking
at the signing, Chief Executive Officer, MTN Nigeria, Ferdi Moolman, expressed
enthusiasm at the completion of the agreement, saying it signposts MTN’s
commitment to and confidence in Nigeria, and the strength of the strategic
collaboration between MTN Nigeria and local financial institutions, that will
help deepen and broaden the provision of ICT services in Nigeria:
“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. 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 60m subscribers. | am delighted that, so soon after our successful
listing on the Nigerian Stock Exchange, we are able to compliment it with such
an important addition to our portfolio of debt.”
Moolman
lauded the participating financial institutions for staying committed to MTN,
stressing that the loan syndication showcases 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.
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