MTN Nigeria signs N200bn medium-term loan facility

MTN Nigeria signs N200bn medium-term loan facility

MTN Nigeria has signed a seven-year medium-term loan facility with a consortium of 12 Nigerian banks for the sum of N200 billion.

The signing ceremony was done at the law offices of Aluko & Oyebode, Ikoyi, Lagos.

Founding Partner and Chairman, Management Board of Aluko & Oyebode, Gbenga Oyebode, who represented MTN Chairman, Pascal Dozie, stated that MTN has been operating in Nigeria for seventeen years which have been great years of significant growth and expansion.

MTN Nigeria CEO, Ferdi Moolman, explained that the loan facility is a major landmark in the expansion programme of the company where significant investments are being made.

The facility will enable MTN Nigeria evolve the network to deliver convergent and superior quality, drive voice capacity expansion and data service penetration, maintain optimal capital structure and funding level that support growth and expansion.

It is subject to a two-year moratorium and a repayment plan of five years.

The banks involved were Citibank, Diamond Bank, Ecobank, Fidelity Bank, First Bank, First City Monument Bank, FSDH Merchant Bank Limited, Rand Merchant Bank, Standard Chartered Bank, Stanbic IBTC Bank, United Bank for Africa and Union Bank.