MTNC obtains a loan of 60 billion FCFA from 5 Cameroonian banks

 This follows the successful execution of the first two Tranches of a syndicated loan contracted on 08 June 2015.

Signature of syndicated loan agreement

Douala, 9 December 2016. MTN Cameroon, leader of the Cameroonian telecommunications market announces the signature of an Accordion (Tranche C) of a Syndicated Medium Term loan of XAF 60 billion FCFA at the company’s Headquarters in Douala, Littoral Region. This loan represents the third, and final part of a syndicated Medium-Term Facility agreement signed on 8 June 2015 by MTN Cameroon and several Cameroonian banks. Within the framework of the aforementioned loan agreement, MTN Cameroon benefitted a 3-part Facility comprising of a fixed portion of XAF 30 billion, a revolving portion of the same amount, and an Accordion which was successfully concluded today.

                The Accordion Facility was granted by a group of 5 banks led by Citibank Cameroon, as Co-ordinator, Bookrunner and Mandated Lead Arranger, with SociétéCommerciale de Banque Cameroun (SCB), Afriland First Bank Cameroon, SociétéGénérale Cameroun (SOCGEN), and Standard Chartered Bank Cameroon joining as Arrangers.

                The loan extended to MTN Cameroon is repayable over a period of 5 years and proof of a successful private partnership to enhance sustainable development. It was equally concluded on very competitive terms, reflecting the present global situation of cash in the CEMAC zone.

                The funds obtained by MTN Cameroon will permit the Company to further finance its ambitious investment programme for the benefit of the Cameroonian consumer through the provision of premium digital products and services to enhance communication, productivity and connectivity following the award of the 3G/4G licence on 11 March 2015 by the Government of Cameroon.

                Commenting on the concluded agreement, MTN Cameroon CEO, Mrs. PhilisiweSibiya declares “MTN Cameroon has always respected its contractual engagements by reimbursing the loans without any incident. As the telecommunications leader and an African company committed to contribute decisively to the development of this sector on the continent, we understand that telecommunications are key to instill the impetus necessary for future growth, and we intend to continue contributing significantly in this regard”.

                This loan agreement signed between MTN Cameroon and a syndicate of banks led by Citibank Cameroon is further proof of the important role MTN plays in Cameroon, in its sector of activity and as a growth engine of the national economy.

About MTN Cameroon

Subsidiary of the MTN Group represented in 22 countries and telecoms leader in Africa, MTN Cameroon is a provider of communication and payment solutions, present in Cameroon since February 2000. MTN is one of the five most significant companies in Cameroon and second tax payer in 2015.

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About the MTN Group.Launched in 1994, the MTN Group is a leading emerging market operator, connecting subscribers in 22 countries in Africa, Asia and the Middle East. The MTN Group is listed on the JSE Securities Exchange in South Africa under the share code: “MTN.” As of 30 September 2016, MTN recorded 234.2 million subscribers across its operations in Afghanistan, Benin, Botswana, Cameroon, Ivory Coast, Cyprus, Ghana, Guinea Bissau, Guinea Republic, Iran, Liberia, Nigeria, Republic of Congo (Congo-Brazzaville), Rwanda, South Africa, Sudan, South Sudan, Swaziland, Syria, Uganda, Yemen and Zambia. Visit us at, www.mtnbusiness.com and www.mtn.com