Highly commended African deal of the year 2013: MTN Nigeria
Euromoney, is part of the Delinian Group, Delinian Limited, 4 Bouverie Street, London, EC4Y 8AX, Registered in England & Wales, Company number 00954730
Copyright © Delinian Limited and its affiliated companies 2024
Accessibility | Terms of Use | Privacy Policy | Modern Slavery Statement

Highly commended African deal of the year 2013: MTN Nigeria

MTN Nigeria’s $3 billion syndicated loan
Lead managers Rand Merchant Bank and 23 other local and international banks
return to the Deals of the Year 2013 index

As one of the region’s most dynamic sectors, the telecommunications industry in Africa is highly competitive. But in Nigeria – the continent’s second-largest economy – MTN Nigeria’s recent syndicated deal has given the telecommunications giant the edge over its peers.

In a syndicated loan deal, involving 17 Nigerian and seven foreign banks, MTN Nigeria raised $3 billion aimed at expanding its geographic reach in Nigeria and improving the existing network quality. The deal will provide MTN Nigeria with a funding base for the next seven years.

"Having local and international banks all part of the syndication meant that there were both local and international elements to terms of agreement, creating a tension between the banks and making the deal stronger," says Keith Webb, head of telecoms infrastructure finance at Rand Merchant Bank, which was the mandated lead arranger for one of the facilities.

The size and breadth of the deal highlight the positive steps that the Nigerian capital markets are making, explains Ayodele Olajiga, head of coverage and origination at Rand Merchant Bank.

Gift this article