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Airtel Africa raises $500m, denies plans to exit the Kenyan market

Airtel Africa has raised $500 million loan facility from a group of banks to refinance the Group’s €750 million Euro-denominated bond (c.$880 million) due 20 May 2021 in addition to its existing Group cash to reduce gross debt and associated interest costs.

The $550 was raised a diverse group of existing global relationship banks including Bank of America, BNP Paribas, Citibank, HSBC, J.P. Morgan, Standard Chartered Bank and India’s Axis Bank and Kotak Mahindra Bank.

The loan facility consists of a combination of a revolving credit facility and short term loans with tenor of up to 4 years and will allow the Group to optimise the efficiency of its capital structure with the free cash flows and cash receipts. Airtel Africa also recently announced tower sales and mobile money minority investments which are expected to boost its cash flow.

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Airtel Kenya also denied reports that it was exiting the Kenyan market but instead, the telco is investing more into the country by launching 4G and upgrading some of its sites to 5G.

Milcah Lukhanyu
Milcah Lukhanyuhttps://techmoran.com
I cover tech news across Africa. Drop me an email at [email protected]

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