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MTN Agrees 200 Billion Naira Loan Facility With Nigerian Banks
LAGOS (Capital Markets in Africa) – MTN Group Ltd. agreed a 200 billion naira ($554.3 million), seven year loan facility with 12 Nigerian lenders to fund voice and data service expansion in its biggest market.
The facility is denominated in naira and structured with a two-year moratorium and a repayment period of five years, the Johannesburg-based company said in an emailed statement. Lenders providing the facility include Ecobank Nigeria Ltd. and Fidelity Bank Plc.
MTN, Africa’s largest wireless carrier, plans to borrow as much as 400 billion naira in Nigeria this year, Chief Financial Officer Ralph Mupita said in May.
MTN’s debt increased to 69.8 billion rand as of the end of June, compared with 57.1 billion rand six months earlier. The rising liabilities contributed to a share-price slump when the carrier reported half-year earnings last week. The stock has fallen 27 percent this year, close to eight-year lows, valuing the company at 190 billion rand.