Airtel Africa signs US$500m credit facility with banks to refinance US$904m debt

AFRICA – Airtel Africa, a provider of telecommunications and mobile money services, with a presence in 14 countries across Africa, has announced the successful signing of a new US$500 million loan facility with a group of relationship banks. The new committed facility consists of a combination of a revolving credit facility and term loans with tenor of up to 4 years.  The facility will be used to partially refinance the Group’s €750 million (US$904 million) Euro denominated bond due 20 May 2021. The balance of the Euro denominated bond will be repaid with existing Group cash…

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Kenya seeks another debt service suspension to June 2022

KENYA –  The government of Kenya has sought the Debt Service Suspension Initiative (DSSI) extension to June 2022, a one-year extension from the earlier granted June 30, 2021, debt service suspension secured in January. Besides the relief under the DSSI, the country is also pursuing new limits access to International Monetary Fund funds through the reallocation of existing special drawing rights and the allocation of new special drawing rights. Such facility will allow faster access of disbursements from the IMF Rapid Credit facility and the Rapid Finance Instrument, granted to countries…

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Kenya seeks lead managers for Eurobonds’ issuance

KENYA – The government of Kenya is looking for lead managers for the issuance of new Eurobonds to raise US$1 billion and 1 billion euros separately, the country’s Treasury has revealed. The East African nation said earlier this month it will not seek to overhaul its debt under a Group of 20 initiative because it fears that would curtail its ability to raise funds from global capital markets. The first issue, whose target date is before the end of this quarter, will raise US$1 billion which could be expanded for…

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Fibre network provider MetroFibre raises US$168m in new debt deal with Investec

SOUTH AFRICA – Fibre telecommunications infrastructure company MetroFibre Networx has raised US$168 million in new debt financing, led by Investec, an Anglo-South African international banking and wealth management group, adding to the US$101 million raised from shareholders in November 2020. According to the company, the raised funds will be used to support MetroFibre’s fibre network roll-out across South Africa, including deploying infrastructure in underserviced homes and businesses. MetroFibre shareholders include African Rainbow Capital, Sanlam Private Equity and African Infrastructure Investment Managers (AIIM). MetroFibre financial director Wayne Edwards said in a statement that there…

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Kenya in fresh quest for US$626m debt service suspension

KENYA – Kenya is in a new quest in its debt service relief request to all its bilateral lenders, hoping to save US$626 million, the country’s National Treasury has said. The move comes days after a decision by the Paris Club of international decision to give Kenya a US$300 million loan repayment break to help ease the financial distresses linked to Covid-19. The Treasury said that it had expanded the bid for reprieve from servicing its looming debt payment obligations under the landmark debt relief initiative – known as the…

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Solar Power supplier Starsight secures US$9.2m debt facility from NIDF

NIGERIA – Starsight, a Nigerian Commercial and Industrial (C&I) solar power supplier, has secured a US$9.2 million debt facility from Chapel Hill Denham Nigeria Infrastructure Debt Fund (NIDF). The 10-year facility, a first for a solar-based power energy company in Nigeria, will enable the company to not only expand its existing market, but also ensure stable, reliable and professional energy services for C&I clients. “We are excited to announce the closing of this new debt facility with one of Nigeria’s largest providers of infrastructure financing,” said Starsight CEO, Tony Carr.…

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Norsad Finace Ltd invests longterm debt facility in Nova Pioneer Education Group

AFRICA – Norsad Finance Limited, an impact investor providing structured financing solutions to mid-market growth companies in Southern Africa, has provided a long-term debt facility to Nova Pioneer Education Group, a regional education group with a footprint in sub-Saharan Africa. The facility will help fund the expansion of some of its existing property sites to accommodate new learners. “The funding from Norsad contributes meaningfully to the ability of Nova Pioneer to deliver on its mission and we look forward to building a partnership with Norsad that delivers positive impact across…

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