Airtel Africa Gets $125m Loan Facility To Support Operations
Airtel Africa Plc says it has secured a $125 million revolving loan facility from Citi to raise debts from its branches in sub-Saharan Africa.
A revolving loan facility is a type of credit granted by financial institutions that enables borrowers to withdraw, repay and withdraw again.
Simon O’Hara, the Company Secretary, said in a statement on Wednesday that the facility had a tenor up to September 2024.
According to Airtel Africa, the facility will be used to support the company’s operations and investments in four of its subsidiaries.
“Airtel Africa, a leading provider of telecommunications and mobile money services, with a presence in 14 countries across Africa, today announces the signing of a $125m revolving credit facility with Citi through its branch offices/subsidiaries in sub-Saharan Africa.
“This facility is in line with our strategy to raise debt in our local operating companies and will include both local currency and US dollar denominated debt.
“The facility has a tenor up to September 2024 and will be used to support Airtel Africa’s operations and investments in four of its subsidiaries.
“The facility provides potential interest rate savings in exchange for achieving social impact milestones relating to digital inclusion and gender diversity, with a focus on rural areas and women, and aligning with the Group’s sustainability strategy launched in October2021
“The facility further strengthens the Group’s commitment to transforming lives across the communities in which we operate,” the company said.
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