Leading Information and Communications Technology (ICT) company, MTN Nigeria (“MTN”), today announced the signing of a seven-year N200 billion Medium Term Facility with a consortium of twelve (12) local banks, with FBN Quest acting 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, stakeholders and the media. The Medium Term Facility will enable MTN to fund its Capital Expenditure, Working Capital along with evolving business opportunities.
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:
“The signing of this loan facility is a major landmark in our expansion programme in which we are making significant investments. The facility will enable us 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.
“Making it possible for people to connect to each other and the world, find and share information and ideas, create and access new digital services and reimagine old services. This partnership puts in place infrastructure that empowers commerce, industry and the provision of public services.” Moolman said.
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 the joint ability of the parties to stimulate significant economic growth.
The facility is structured with a two-year moratorium and a repayment plan of five years and is denominated in Naira. It is provided by a syndicate of banks made up of:
- Citibank Nigeria Limited
- Diamond Bank Plc.
- Ecobank Nigeria Plc.
- Fidelity Bank Plc.
- First Bank of Nigeria Plc.
- First City Monument Bank (FCMB) Limited
- FSDH Merchant Bank Limited
- Rand Merchant Bank (RMB) Nigeria Limited
- Standard Chartered Bank Plc.
- Stanbic IBTC Bank Plc.
- United Bank for Africa (UBA) Plc.
- Union Bank Of Nigeria Plc.
This bold step will assist MTN Nigeria to continue to provide optimum services and products for its over 55 million and ever-growing customer base.
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