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Smile raises USD 365 mln to expand 4G in Africa
2015-09-08 08:37:00| Telecompaper Headlines
(Telecompaper) Smile Telecoms has raised USD 365 million of debt and equity financing to expand its 4G networks in Africa. Smile Telecoms, which is the parent company of Smile Communications Nigeria, said the funding would be used to expand Smile's existing LTE networks, including the roll-out of voice services by year-end. It will also launch its broadband network in the Democratic Republic of Congo early in 2016, adding to its current coverage in the 800MHz band in Nigeria, Tanzania and Uganda. The funding comprised USD 50 million of equity, raised from the Public Investment Corporation on behalf of the Government Employees Pension Fund. The funding also includes a USD 315 million multi-tranche, multi-jurisdictional debt facility led by Africa Export-Import Bank with participation from the Development Bank of Southern Africa, Diamond Bank, Ecobank Nigeria, the PIC, the Industrial Development Corporation of South Africa and Standard Chartered Bank. Under the terms, the funding will be used to accelerate national network roll-out, including equipment and services provided by Alcatel-Lucent and Ericsson, a full MPLS network, a London Point of Presence and expanded international backhaul services, and to fund operational expenditure and working capital.
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Category:Telecommunications