Africell, a fast-growing mobile network operator in Africa, has closed a major commercial loan facility of $105 million for expansion in Africa. This financing is a syndicate from a leading group of international financial institutions constituting new and existing lenders to Africell.
The facility was structured and anchored by Gemcorp Capital, with Gramercy Funds Management LLC, TC Credit Partners LLC, and funds advised by Helios Investment Partners joining the syndicate.
The London-based mobile network operator that provides mobile network coverage and related technology services have over 12 million subscribers in four African countries: Sierra Leone, The Gambia, DR Congo, and Uganda. In addition, the company aims to launch its operations in Angola this year.
“The commercial loan agreement represents a renewed long-term commitment between a group of outstanding strategic financing partners and us. The syndicate is composed of world-class financial institutions with an impressive history of investing in emerging markets,” said Ziad Dallou, Africell’s Chairman and Chief Executive Officer.
He added that “Some are existing lenders to Africell and others are backing us for the first time, which testifies to the investment opportunity Africell represents. In addition, the commercial loan facility gives Africell Group the flexibility and firepower we need to achieve our commercial objectives in Africa, and we are excited to continue to pursue growth both in our existing markets and in Angola,” said Ziad Dallou, Africell’s Chairman and Chief Executive Officer.
Last month, Africell amended and restated a $100 million investment from the United States International Development Finance Corporation, initially signed in May 2019. Together with the new commercial loan facility, this investment will foster Africell’s growth plans across Africa, including financing its expansion in its current operating markets, refinancing existing facilities, and supporting its forthcoming launch in Angola.