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Home Funding

A new $500 million loan facility has been signed by Airtel Africa

Tech Gist Africa by Tech Gist Africa
04/26/2021
in Funding, News, Telecommunication, The Big 5
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Airtel Africa has announced the effective execution of a $500 million new loan facility agreement with a consortium of relationship banks.

Bank of America, BNP Paribas, Citibank, HSBC, J.P. Morgan, Standard Chartered Bank, and two Indian partnership banks, Axis Bank and Kotak Mahindra Bank, are the facilitating banks.

The loan facility consists of a lines of credit and short-term loans with a tenor of up to four years, allowing the Group to optimize its capital structure performance with free cash flows and cash receipts.

In a statement, the board said, “The new loan facility further enhances the group’s core liquidity.”

The facility will be used to partly refinance the Group’s 750 million Euro-denominated bond (approximately $880 million) that is due on May 20, 2021.

To minimize gross debt and related interest costs, the remaining Euro-denominated bond will be repaid with existing Group cash.

 

Read more on Tech Gist Africa:

MTN, a South African telecommunications company, plans a $5 billion market valuation for its mobile money business

Airtel Mobile Money raises $200 million from Rise Fund 

Mastercard to invest $100 million in Airtel Africa’s mobile money unit

 

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Tech Gist Africa is a new media and technology news platform that focuses on the untold stories of innovative ideas closely connected to technology news from Africa.

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