MTN Nigeria secures US$395 million syndicated loan
MTN Group Limited
("MTN Group" or "the Company")
(Incorporated in the Republic of South Africa)
(Registration number 1994/009584/06)
Share code: MTN
ISIN ZAE000042164
MTN Nigeria secures US$395 million syndicated loan
MTN Nigeria Communications Limited ("MTN Nigeria"), a subsidiary of the Company,
announced today that it has secured a medium-term limited recourse financing
facility ("the Medium Term Finance") to the tune of US$395 million to fund its
operations and further network roll-out. This amount includes a US$50 million
standby facility provided by the International Finance Corporation.
The Medium Term Finance consists of a Naira denominated commercial paper
facility of the Naira equivalent of US$ 250 million, which is fully subscribed
by 15 Nigerian financial institutions led by Nigeria International Bank and
Stanbic Bank Nigeria ("the Naira Funding"), and a further US$ 145 million
provided by several international institutions including the above mentioned
standby facility. The Naira Funding of the Medium Term Finance will replace the
existing short-term Naira equivalent of US$ 170 million commercial paper
facility raised in January 2002.
Johannesburg
4 November 2003
Sponsor
Merrill Lynch South Africa
Date: 04/11/2003 03:19:02 PM Supplied by www.sharenet.co.za
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