Celtel Tanzania secures $270m syndicated loan.

Author:Rosenberg, Anna
Position:AFRICAN BANKER'S WORLD - Celtel Tanzania Limited - Brief article
 
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Celtel Tanzania Limited has secured a $270m loan with a mix of local and international lenders to support its continuing network expansion. The funding comes after a highly successful 2007, which saw a 65% growth in customer numbers to over 2.5m. Standard Bank Plc and Citibank, N.A. acted as global arrangers and bookrunners. Stanbic Bank Tanzania Limited and Citibank Tanzania Ltd were local arrangers. This financing is a landmark transaction in the country because of its three tranches: a US dollar-term facility, a Tanzania shillings term facility and the first ever Revolving Credit Facility to be provided by a syndicate of local banks. Approximately 40%...

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