Africell Holdings signed a new USD$116.5m syndicated loan for the expansion of its mobile network operations across sub-Saharan Africa. (Photo Credit: kaironews)
Africell Holdings signed a new USD$116.5m syndicated loan for the expansion of its mobile network operations across sub-Saharan Africa. (Photo Credit: kaironews)

Africell Holdings has signed a new USD$116.5 million syndicated loan for the expansion of its mobile network operations across sub-Saharan Africa.

According to founding CEO and Group Chairman, Ziad Dalloul, Africell‘s success comes from the communities it works in and its management’s focus on operational efficiency to create value for its customers.

However, Africell has been in customers bad books for refusing to register locals in Uganda with national IDs and passports and only signing up expats. It’s growth might be hindered and investor money lost if this continuous.

“It is important to partner with investors who truly understand our business model as well as our markets to structure solutions that support our growth programs.”

Lintel Capital UK Advisors LLP, the company’s advisor led and structured the 5-year deal between the company and a syndicate of 4 international investors consisting of Gemcorp Capital, funds advised by Helios Investment Partners and others.

With operations in Gambia and Sierra Leone, the Democratic Republic of the Congo (DRC) and Uganda,  the mobile telephone operator will use the 5-year facility to fund its fund 4G roll-out to meet the growing demand for data in SSA, whilst simultaneously providing the necessary operational flexibility the company requires to expand opportunistically, a key aspect of the company’s growth strategy.

Shawn Gates, Lintel Capital’s CIO and lead advisor for the deal, said: “This deal represents another successful milestone in Africell’s evolution, and we expect it to help unlock meaningful growth opportunities as the company continues to expand. Africell has all the characteristics we look for in a company: strong track record, good growth prospects, clear development impact and a positive enterprise culture. We are very proud to have arranged this deal and of the ongoing partnership we’ve formed with Africell to continue shaping its bright future.”

source: TechMoran