MTN closes ¢510 million loan syndication with 9 banks

MTN closes ¢510 million loan syndication with 9 banks
Source: Ghana| Myjoyonline.com |Abubakar Ibrahim
Date: 06-12-2017 Time: 08:12:48:pm

Ghana's leading telecoms giant MTN has secured about ¢510 million loan syndication from nine banks. 

The deal which was arranged by Ecobank would be officially signed with all the banks including Barclays, Standard Chartered and Zenith Bank on December 7, 2017.

The other banks are GCB Bank, GT Bank, Barclays, SG-SSB, Stanbic, and Fidelity Bank.

JoyBusiness is reliably informed that funds are expected to help with further network capital investments and expansion.

According to persons close to the deal, the amount will only compliment other internal funding sources of MTN.

“Our CAPEX requirements in a single year is much higher than the amount raised,” a source with knowledge of the deal said. 

In 2012, MTN carried out a similar loan syndication deal to finance network expansion.

“MTN just finished paying that loan, hence they are replacing it to fund higher business growth than was projected," the source said.

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