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MTN Nigeria – ECA and local financing
02 March 2011
MTN Nigeria rings up dual success
In mid-2010 telecoms operator MTN Nigeria signed US dollar and Nigerian naira financing agreements with international and local banks which provided them with linked solutions to overcome funding requirements. The resultant deal is an integral part of one of the largest financings ever extended to a corporate in Nigeria at a time where the country’s banking industry was undergoing considerable restructuring. The deal proved to be a highly successful arrangement for the borrower and the transaction is a worthy Deal of the Year winner.
The catalyst to the financing requirements was MTN Nigeria’s need to refinance N206 billion in underwritten commercial paper that it had issued in 2007. The refinancing...
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