The Lion King | 7
Milestone For The Quarter
UBA, 12 Other Banks
Raise $1.2b Medium
Term Loan for Etisalat
U
BA in conjunction with 12
other banks syndicated a
$1.2 billion (about N189.6
billion) Medium Term Loan deal
for Emerging Markets Telecom-
munications Services Limited
(EMTS), trading under the name
of Etisalat Nigeria.
The transaction entailed the
restructuring and enhancement
of Etisalat’s syndicated facilities
from $650m to $1.2bn (N149.5bn
& US$235m). UBA’s total portion is
$156.8m (N15bn & US$60m).
GMD/CEO, UBA Plc, Mr. Phillips
Oduoza led the UBA team to the
signing ceremony at Four Points
Sheraton Hotel, Lekki in Lagos on
Tuesday, May 21, 2013. This came
less than four weeks after UBA,
through a similar process involv-
ing some Nigerian and foreign
banks, raised a multi-million
credit facility for MTN Nigeria.
Speaking on the import of the
facility, the company’s Chief
Executive, Steven Evans said
part of the N1.2 billion loan will
be used in refinancing an exist-
ing commercial medium term
debt of $650 million it borrowed
about two years ago, while the
remaining is for the continuous
network rollout and upgrading
of infrastructure across Nigeria.
UBA Trustees is the Security
Agent/Trustees for the syndicate.
TOP
GMD/CEO, UBA Plc, Mr. Phillips
Oduoza (3rd left) is flanked by
Chief Financial Officer (CFO),
Etisalat, Andrew Kemp (2nd
left); GMD/CEO, Etisalat, Mr.
Steve Evans (3rd right); Executive
Director, Lagos & West Bank, UBA
Plc., Mr. Emeke Iweriebor (2nd
right); MD, UBA Trustees, Mrs.
Oluwatoyin Sanni, (right) and
Ayodele Sobande, Divisional Head,
Telecoms, Corporate Bank (left)
