African Cellular Operator Secures Further Financing

Celtel International, the pan-African mobile communications group that operates in 13 countries and which recently announced it has over five million managed customers, has successfully raised a US$190 million loan. This will be used partly to finance further growth and partly to refinance existing loan facilities.

The funds raised comprise a US$190 million commercial bank loan with a mix of three- and six-year maturities.

Barclays Capital, Citibank International plc, ING Bank NV and Standard Bank London Limited were mandated lead arrangers for the facility with ING Bank and Standard Bank London as bookrunners.

The mandated lead arrangers were joined in the facility by Emerging Africa Infrastructure Fund Limited, Sumitomo Mitsui Banking Corporation, Nedbank Limited, ABSA Bank Limited, KBC Finance Ireland, Banque Belgolaise, Ghana International Bank plc, Investec Bank Limited and Investkredit Bank AG.

David Wilson, Celtel International Chief Financial Officer, said "We were delighted by the support for the commercial bank facility which was oversubscribed. The new funding and refinancing further strengthen Celtel's balance sheet, provide flexibility with longer-term tranches, and include medium- and long-term revolving acquisition lines.

"This loan provides us with additional capability to consolidate our position as the premier pan-African mobile communications group by both growing our business and acquiring additional value-generating assets and licences across Africa."

Posted to the site on 11th January 2005