Etisalat secures USD1.2bn loan to fund network expansion

22 May 2013

Etisalat Nigeria, the local mobile unit of United Arab Emirates telco Emirates Telecommunications Corporation (Etisalat), has signed a USD1.2 billion loan with a consortium of 13 Nigerian banks to refinance existing debt and expand its wireless network. In a statement to the Abu Dhabi Securities Exchange, Etisalat said its Nigerian business will use the medium term syndicated loan, which has both naira and US dollar tranches, to refinance its commercial medium term debt of USD650 million and continue its network rollout across the West African nation. Etisalat Nigeria is the country’s fourth largest mobile operator by subscribers, with a subscriber base of 14.9 million at the end of 2012 (giving it a market share of 13.2%), notes TeleGeography’s GlobalComms Database. The company, in which Etisalat holds a 40% stake, is aiming to increase its customer base to 20 million by the end of the year.

Nigeria, Emerging Markets Telecommunication Services (9mobile)