MTN Nigeria Gets $3 Billion Bank Loan for Network Expansion
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MTN Nigerian Communication Ltd., the country’s biggest mobile phone provider, said it got a $3 billion loan from a group of 17 local banks and seven foreign lenders to upgrade infrastructure.
The facility, which has a seven-year repayment plan, will fund expansion from 2013 to 2015, with more than $1.5 billion to be spent this year, Chief Executive Officer Brett Goschen told reporters in Lagos today. “The loan comprises $1.8 billion in additional financing and $1.2 billion in restructuring and rollover of existing facilities,” he said.