MTN Ghana has raised a syndicated loan worth $276 million to expand its network and deploy mobile broadband, according to a report from Reuters.
Michael Ikpoki, managing director of MTN Ghana, said that about 16 local banks, led by Stanbic Bank Ghana, would provide 410 million cedis ($215.8 million), in addition to $60 million from four foreign banks, the report added.
“It was a successful syndication - the first of its kind and proof that we do not have to be always looking outside to raise funds for investments,” Ikpoki was quoted as saying.
The cedi syndication was oversubscribed by 35% while the dollar syndication was oversubscribed by more than 90%,” Ikpoki added.
Ghana is home to one of Africa’s most competitive telecom sectors with six operators. MTN Ghana, a subsidiary of South Africa’s MTN Group, competes with operators including Vodafone, Millicom (Tigo) and Airtel.