Etisalat makes progress on talks to restructure $1.2bn syndicated loan

Etisalat said it has made progress in talks with Nigerian banks on restructuring its loan repayment. Talks between Etisalat and its bankers to renegotiate the terms of a $1.2 billion loan are continuing and progress has been made, the company said.
The telecoms company signed the seven-year facility with 13 Nigerian banks in 2013 to refinance a $650 million loan and fund expansion of its network but is now struggling to repay the debt as a result of the devaluation of the naira that has made sourcing dollars more expensive for the telecom firm.
“Discussions are not only ongoing with our bankers, but good progress has been made so far,” said Ibrahim Dikko, Etisalat Nigeria’s vice president, Regulatory and Corporate Affairs. “We are optimistic that an agreement will be reached shortly.”