Nigeria’s biggest telecommunications provider in terms of subscriber base, MTN has sealed a N200 billion loan deal with a consortium of 12 lenders, the company said in a statement in Lagos.
The loan, according to MTN is for capital expenditure and working capital and will be used for network expansion, especially in the areas of voice and data.
The loan, which is a naira-denominated is a seven-year facility with a two-year moratorium and a five-year repayment plan.
Lenders in the financing mix include Citibank, Diamond Bank, Ecobank, Fidelity Bank, First Bank, FCMB, Standard Chartered, Stanbic IBTC Bank, UBA, Union Bank, Rand Merchant Bank and FSDH Merchant Bank.