Africell secures USD 105 mln commercial loan facility
June 2nd 2021
Africell has confirmed the successful closing of a USD 105 million commercial loan facility. The move supports Africell’s long-term expansion strategy in Africa and gives the group the financial strength required to maintain its growth across the continent. The loan facility is syndicated to a group of blue-chip international financial institutions. The syndicate consists of a mix of new and existing lenders to Africell, the company said.
The facility was structured and anchored by Gemcorp Capital, with Gramercy Funds Management, TC Credit Partners and funds advised by Helios Investment Partners also joining the syndicate. The commercial loan facility complements other group-level financing for Africell. In May, Africell amended and restated a USD 100 million investment from the US Government’s Development Finance Corporation which was first signed in May 2019.
The financing comes after Africell in February won an international public tender process for a universal electronic communications licence in Angola to expand its footprint.
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