November 15, 2018 / 9:53 AM / 25 days ago

UPDATE 1-MTN Rwanda close to finalising 50 bln franc syndicated loan

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KIGALI, Nov 15 (Reuters) - MTN Rwanda, the biggest telecoms operator in the East African nation, is close to sealing a deal for a 50 billion franc ($56.29 million) syndicated loan to be used to modernise its network, its chief financial officer said on Thursday.

The company, which had close to 4.5 million subscribers in September, is owned by South Africa’s MTN Group and Crystal Telecoms, a local company.

Diatile Lily Zondo told Reuters that the company had no plans for a share offer to raise funds, disputing a report by news agency Bloomberg this week, adding they would raise funds from eight local banks.

“We are now finalising a contract. It’s a syndicated loan with eight major banks in Rwanda. We are looking at 50 billion francs but it is subject to board approval,” she said.

“We are upgrading our network to make it more efficient and so we are changing some of the components, making them modern... The second line is capacity expansion so we can carry more traffic.”

$1 = 888.1812 Rwandan francs Reporting by Clement Uwiringiyimana; writing by Duncan Miriri; editing by Adrian Croft and Jason Neely

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