CDB contributes $100 million to syndicated buyer's credit facility for MTN Telecommunications Project (Linked to Project ID#60939, #67048, #67050)

On April 24, 2013, China Development Bank (CDB), the Industrial and Commercial Bank of China (ICBC), and the China Construction Bank (CCB) signed a $300 million syndicated buyer’s credit facility agreement with MTN Nigeria Communications Ltd. to upgrade and expand its network. This loan carried a 6.6-year maturity (final maturity date of December 2019) an interest rate of 6-Month LIBOR plus a margin of 3.04%. The principal repayment of ten (10) equal installments commenced in July 2015. As of June 30, 2014, the loan's (principal) amount outstanding was $85.05 million. Huawei was responsible for the implementation of this project, and the proceeds from the syndicated buyer's credit facility were used by MTN Nigeria Communications Ltd. to purchase telecommunications equipment from Huawei. MTN Nigeria and Huawei completed commercial deployment of the RuralStar 2.0 solution on April 3, 2018. Project ID#60939 is the umbrella record that captures the entire $300 million syndicated buyer's credit facility. Project ID#67049 captures the $100 million contribution from CDB. Project ID#67050 captures the $100 million contribution from CCB. Project ID#67048 captures the the $100 million contribution from ICBC.

Additional details

1. This project is also known as the MTN Fiber Optic Cable Project. The Chinese project title is 了尼日利亚MTN光缆骨干网项目. 2. The interest rate that applies to this loan (3.476%) was calculated by taking the average 6-month LIBOR rate during the month (April 2013) when the loan agreement was finalized (0.436%) and adding a 3.04% margin.

Number of official sources

7

Number of total sources

9