MTN signs 200 Bn to Revolutionize, Sustain Telecoms Biz

MTN Nigeria Signs N200bn To Revolutionize,Sustain Telecoms Services
By Olabisi Olaleye
In order to further boost and sustain telecommunications services in the country,  dominant operator, MTN Nigeria
signed  a seven-year N200 billion Medium Term Facility recently with a consortium of 12 banks, with First  Bank of Nigeria, FBN Quest acting as facility agent.
The loan is expected to enable the telco to fund its capital expenditure (Capex), working capital along with evolving business opportunities.
Speaking at the signing, Chief Executive Officer, Ferdi Moolman said it further revealed the  MTN’s commitment and confidence in Nigeria.
Said he: “The strength of the strategic collaboration between MTN Nigeria and local financial institutions 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”.
He maintained that it would make 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”.
These banks are 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 and  Union Bank Of Nigeria Plc.
The facility is structured with a two-year moratorium and a repayment plan of five years and is denominated in Naira.
Recall that this is third loan facility that MTN had signed to boost its business.