The recent signing of a syndicated loan facility for MTN Rwanda has matured, local banks have announced.
Ecobank, BPR, and Cogebanque told Taarifa that they have successfully raised the funds for the seven-year syndicated loan of Frw 50 billion.
Ecobank Rwanda, Ecobank Capital, BPR and Cogebanque were appointed as Mandated Lead Arrangers.
Ecobank Rwanda was also appointed as the Facility Agent.
The official signing ceremony was held on 28th November 2018, in the presence of MTN Rwanda’s management and banks participating in the syndication.
The facility will be used by MTN to meet its infrastructural capital expenditures.
The transaction attracted interest across a diverse lender pool and was substantially oversubscribed by a syndicate of 8 local Banks, with subscription in excess of Frw 63,6 billion representing 127% of the credit amount required.
Mandated Lead Arrangers are Ecobank, which raised Rwf6.5 billion, BPR with Rwf9.5 billion and Cogebanque which raised Rwf6.5 billion.
Other Arrangers are Bank of Kigali which raised Rwf7 billion despite it having initially expressed interest to foot the whole facility due to its currently liquidity muscle, I&M Bank with Rwf6 billion and KCB Bank placing Rwf6.5 billion.
Ecobank Rwanda Plc will be the agent bank of the facility.
Other participants were Equity Bank Rwanda with Rwf6 billion and Guaranty Trust Bank which raised Rwf2.5 billion.
Taarifa obtained the breakdown from an independent source, but Banks declined to confirm the figures, despite them saying that the success of the transaction underlines the confidence of the market in MTN Rwanda.