The MTN Group and Standard Bank have announced a US$2bn loan, which Standard Bank has arranged for the funding of MTN Nigeria’s network infrastructure expansion. The five-year medium-term debt facility, one of the largest ever telecoms deals on the continent, is to ensure that MTN Nigeria is appropriately capitalised to meet its key strategic objectives of increasing market share and improving coverage and capacity on its network. The debt raising was originally for US$1.2bn and was split into the Naira equivalent of US$840m in local currency facilities and US$360m of foreign currency facilities. Due to the extensive appetite from the commercial banks, especially the Nigerian banks, the syndication was subscribed by more than 200%. The syndication launched on 2 August and closed on 10 September. The upsized amount of US$2bn is split into the Naira equivalent of US$1.6bn and a US$400m foreign currency facility. Standard Bank has been closely involved in MTN’s expansion in Nigeria. It assisted in arranging a US$450m syndicated loan for MTN Group, which was partially used to fund the original licence payment when MTN entered the Nigerian market in 2001. Standard Bank also arranged MTN Nigeria’s Naira bridging finance facility in 2002, as well as co-arranged a US$395m loan in 2003. In 2004, Standard Bank raised a further US$200m for the company and in 2006, assisted with restructuring MTN Nigeria’s funding arrangements.
A report by broking group Marsh examines the repercussions from the administration of the South Korean company, which filed for bankruptcy protection at the end of August.
Global research by C2FO suggests that smaller businesses are less concerned with the repercussions of Brexit and the upcoming US presidential election.
A squeeze on skilled talent means it now takes an average of seven weeks to fill open permanent roles in finance in the UK according to new research from financial services recruitment firm Robert Half.
Early-stage merger and acquisition deals in Asia-Pacific show nearly 10% year-on-year growth in recent months.