African tower investments group Eaton Towers (ET) has announced it has secured a US$30m bank debt facility to build and develop new and existing towers in Ghana.
The London-based group said in a statement that Standard Bank will provide the…
African tower investments group Eaton Towers (ET) has announced it has secured a US$30m bank debt facility to build and develop new and existing towers in Ghana.
The London-based group said in a statement that Standard Bank will provide the financing, acting through Stanbic Bank Ghana and the Standard Bank of South Africa.
The group’s first bank debt financing follows Capital International Private Equity Funds’ US$150m equity investment last September.
ET stated it would use the debt facility and equity investment to expand its business of selling telecom tower co-location and shared infrastructure facilities to mobile operators.
“Specifically, the debt facility will fund operational maintenance of existing towers that Eaton manages for Vodafone Ghana and the construction of new towers in Ghana,” the statement read.
Last October, ET, which said it has already drawn down US$10m of the facility, signed a 10-year contract to take over the operations and co-location management of 750 telecom towers for Vodafone Ghana.
The group also highlighted plans to extend its operations to other parts of sub-Saharan Africa.
“Given our strong deal pipeline and the interest we are seeing from financial and development institutions, we are confident that this will be the first of many such financing deals,” said ET CFO Peter Lewis.
