MTN secures XAF60bn loan to fund 3G rollout

11 Jun 2015

MTN Cameroon, the country’s largest mobile operator by subscribers, has signed a syndicated term loan and a five-year revolving credit facility to help fund the deployment and development of its 3G network. Biztech Africa writes that the XAF60 billion (USD103 million) facility was granted by a group of six banks led by Citibank Cameroon as the coordinator, bookrunner and mandated lead arranger. Akin Dada, executive general manager of Citibank Cameroon, noted that the agreement ‘marks an exciting new chapter for MTN’s ongoing growth and success’, adding: ‘The transaction is important to both MTN in Cameroon and the economy because it will lead to an improvement in the telecoms infrastructure and services, bringing 3G and 4G to a wider population served by MTN.’

As previously reported by CommsUpdate, earlier this year South African-owned MTN Cameroon and France’s Orange Cameroun each agreed to pay XAF75 billion to renew their GSM licences for a further 15 years. Alongside the renewal, the cellcos also received permission to launch 3G and 4G services, enabling them to compete with Viettel Cameroon (Nexttel) in the high speed mobile data market.

Cameroon,MTN Cameroon,

Subscribe

Subscribe to CommsUpdate to get the day’s top telecom headlines delivered to your email.

Subscribe to CommsUpdate

Feedback

Have feedback, corrections, or story ideas? Send them to editors@commsupdate.com.

Browse Past Issues

Filter

Filter CommsUpdate by the following categories or use the search.

Search

Visit our help page information on performing advanced searches, including how to restrict the results by country or company.

Advertise

CommsUpdate is an outstanding advertising venue for companies seeking to reach:

  • International carriers
  • Wholesale service providers
  • Equipment and software vendors
  • Telecom investors
  • Regulators

Learn more about advertising on CommsUpdate.

Share