Celtel in the market for financing

28 Jul 2004

Pan-African mobile operator Celtel is rumoured to be looking to borrow up to USD300 million from South Africa’s Standard Bank to help fund the expansion of its regional cellular activities, with its Kenyan subsidiary Kencell said to be top of the investment list. Celtel is expected to try and raise half the amount over the next three months via a bond issue or a combination of a bond issue and a syndicated loan facility. Based in the Netherlands, but with a portfolio of businesses concentrated in sub-Saharan Africa, Celtel oversees more than four million mobile subscribers in 13 different countries. The group was previously called MSI Cellular Holdings but was rebranded in January 2004.

Kenya, Airtel Kenya