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China Eximbank and Credit Suisse AG provide $84 million syndicated buyer's credit facility for MTN Nigeria Communications to facilitate acquisition of telecommunication equipment from Huawei
| Funder | Export-Import Bank of China (China Eximbank) |
|---|---|
| Recipient Organization | MTN Nigeria |
| Country | Nigeria |
| Start Date | Apr 01, 2017 |
| End Date | May 02, 2033 |
| Duration | 5,875 days |
| Number of Grantees | 1 |
| Roles | Recipient |
| Data Source | AidData Chinese Aid |
| Grant ID | 60941 |
Grant Description
China Eximbank contribution to USD 84 million syndicated buyer's credit facility for MTN Nigeria Communications acquisition of telecommunication equipment from Huawei In April 2017, China Eximbank and Credit Suisse AG signed an $84 million syndicated buyer's credit facility agreement with MTN Nigeria Communications Ltd. to facilitate its acquisition of telecommunication equipment from Huawei.
This loan carries an interest rate of LIBOR plus a margin of 5.5%. The proceeds from the loan were used to finance 85% of the the value of a $106 million contract with Huawei. It is repayable in 8 equal installments beginning August 2018. The loan achieved a 100% disbursement rate.
Staff Comments
- For loan and debt rescheduling records with variable interest rates, AidData calculates the all-in interest rate at T0 based on the reference rate (such as LIBOR or EURIBOR) on the loan start date, plus any known margin. Please see the methodology for additional details.
- The individual contributions of China Eximbank and Credit Suisse AG to the syndicated loan are unknown. For the time being, AidData has estimated the contribution of the China Eximbank by assuming that the two lenders contributed equal amounts ($42,000,000) to the loan syndicate.
Sources & References
- MTN Nigeria Communications Limited Consolidated and Company Financial Statements
- Belt and Road Cooperation: Shaping a Brighter Shared Future
- Term Loan Facility to MTN Nigeria Communications Ltd. for Telecommunication Equipment Purchase from Huawei
- Term Loan Facility to MTN Nigeria Communications Ltd. for Telecommunication Equipment Purchase from Huawei
- Consolidated and Company Financial Statements for December 2017
- List of Deliverables of the Second Belt and Road Forum for International Cooperation
- MTN-Nigeria-Annual-Report-2019
- MTN-OFS-Shelf-Prospectus Loan applications and disbursements are still being received and processed as the projects continue to evolve. Ongoing monitoring and evaluation are in place to ensure project continuity.
All Grantees
MTN Nigeria
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