Etisalat Nigeria says has made progress on talks to restructure $1.2b loan

The telecoms company signed the seven-year facility with 13 local banks in 2013 to refinance a $650 million loan

Gulf News

LAGOS

Talks between the Nigerian arm of etisalat and its lenders to renegotiate the terms of a $1.2 billion loan are continuing and progress has been made, the company said on Wednesday.

The telecoms company signed the seven-year facility with 13 local banks in 2013 to refinance a $650 million loan and fund expansion of its network but is now struggling to repay the debt. Sources told Reuters on Tuesday that talks had reached an impasse but that lenders, under pressure to avoid loan-loss provisions, were pushing to finalise the restructuring before next month’s half-yearly audit. “Discussions are not only ongoing with our bankers, but good progress has been made so far,” said Ebrahim Dikko, Etisalat Nigeria’s vice president, Regulatory and Corporate Affairs.

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