The subsidiary of Helios Towers Africa Ltd announced the successful completion of the credit facility led by Standard Bank Group in a statement on Tuesday.
According to Standard Bank Group, the financing benefitted from the extensive lender support for HTT from local and international financial institutions. The lenders include Standard Bank of South Africa Ltd as global coordinator and facility agent.
Others Stanbic Bank Tanzania Limited, Dutch development finance bank FMO, Investec Bank Limited, National Micro Finance Bank Plc (NMB) and The Emerging Africa Infrastructure Fund Limited as mandated lead arrangers.
Tower sales and lease-backs, which bring significant capital expenditure and operating cost savings, improved network quality and enhanced coverage for mobile operators, have become a critical contributor to the growth of the telecommunications sector in Africa.
A significant number of large tower portfolios have now been sold to independent tower companies across the continent in recent years.
HTT has built a leading market position in the country, which is home to a fast growing mobile telecommunications sector, with nearly 40 million mobile subscribers, growing at an annual rate of 14 per cent.
Also with operations in Ghana, the Republic of Congo and DR Congo, Helios Towers Africa has been the first independent tower company in the continent. The company has integrated and built over 5,500 sites in six years in the four markets.
Apart from setting up operating companies in the four countries, the company has also been able to successfully sign and close four acquisitions.
“At the centre of this success is the experience of our senior management team, with expertise in infrastructure, operations, development and management. With over 50 years of combined tower experience and the backing of pre-eminent investors with substantial African and towers experience, Helios Tower Africa has the knowledge and talent to support the success of network rollout across the continent,” it says on its website.