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Etisalat Signs U.S.$1.2 Billion Loan Deal With 13 Banks(AllAfrica Via Acquire Media NewsEdge) The Emerging Markets Telecommunications Services Ltd (EMTS), trading under the name of Etisalat Nigeria has signed a $1.2 billion medium term syndicated loan facility with 13 Nigerian banks. The facility includes both Naira and US dollar tranches from a consortium of Nigerian banks, namely: Zenith Bank, Guaranty Trust Bank, First Bank, United Bank of Africa, Fidelity Bank, Access Bank, Ecobank, Keystone Bank, First City Monument Bank, FSDH Merchant Bank, Mainstreet Bank, Stanbic IBTC Bank and Union Bank. The company, according to EMTS chairman, Hakeem Bello-Osagie, plans to use the proceeds to refinance the existing commercial medium term debt of $650 million and continue its network rollout across Nigeria. The company would also continue the release of innovative products and services to its over fifteen million subscribers. Speaking about this key transaction, Bello-Osagie, highlighted that the loan is another key step in the company's development. He said: "Etisalat Nigeria has grown from strength to strength, reaching 15 million subscribers earlier this year. This loan is a testament to the robust strategy of the company and the faith of the banking community. "It will serve to further boost the company and the telecommunications sector. It is important to also note the enabling environment created by the federal and state governments of Nigeria as well as the National Communications Commission. In this process, Etisalat Nigeria has benefited from the experience and support of its pioneer shareholders; Etisalat Group, Mubadala and Myacynth. Commenting on the transaction, Chief Execu-tive Officer, Etisalat Nigeria, Steven Evans, expressed delight with the continued support and confidence shown by so many banking partners. "They have shown great faith in the company since launched and we view that as a sign of their endorsement of Etisalat Nigeria's strategy and execution capabilities. We aim to continue to focus on our network expansion, our investment in 3G, as well as ensuring we offer the uncompromising network quality and customer service our subscribers have come to expect from us," he said. Copyright Daily Trust. Distributed by AllAfrica Global Media (allAfrica.com). |