May 17 (Lagos) - MTN Communications Nigeria Plc (
MTNN )said on Friday it has signed a 200 billion Naira ($653 million) loan with seven local banks, a day after it floated its shares on the Lagos stock market. Company said it plans to use the funds to finance capital expenditure and working capital.
The seven-year loan deal coordinated by Citibank was signed with a consortium of Access Bank (
ACCESS ), Guaranty Trust Bank (
GUARANTY ), Zenith Bank (
ZENITHBANK ), Fidelity Bank (
FIDELITYBK ),
FCMB , United Bank for Africa (
UBA ) and First Bank (
FBNH ) .
MTN Nigeria on Friday said the new debt is part of a programme to raise debt in Nigeria, aimed at mitigating exchange rate volatility.
The Company said it raised a loan of 200 billion Naira in 2018.
reporting for easykobo.com on Friday, May 18 2019 from Lagos, Nigeria