Right on line for Nigerian telecoms

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01 March 2006

Read more: ECA finance international trade export

Nitel – structured trade financing
MLA: Standard Chartered Bank
Arranger: Siemens Financial Services
Borrower: Nigerian Telecommunications (Nitel)
Amount: $76 million (combined, vendor, domestic and ECA loans)
Tenor: 2.5-years
ECA: ONDD
Exporter: Siemens (Belgium and Germany)
Lawyers: DentonWildeSapte, (English law), Udo Udoma & Belo Osagie, (Nigerian law), Lloyens, Brussels (Belgian Law) – for lenders; Perchstone & Graeys, Nigeria – for sponsors

Financing equipment supplies for infrastructural development in Africa requires a considerable amount of extra due diligence and deal structuring. This transaction, for government-owned Nigerian Telecommunications (Nitel) finances the company's Lagos network expansion including the import of equipment from Siemens and houses a number of innovative elements...

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