Lagos, August 23, 2018: LeadingInformation
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:
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.