Eaton Towers secures US$60mn debt facility for Uganda tower investments

Telecoms tower sunsetFunding for the new development from IFC has an 8.5 year maturity which is a record for telecom infrastructure providers in the region. (Image source: Kraifreedom)African tower ownership and management company, Eaton Towers, has a US$60mn debt financing agreement in place to construct and develop new and existing telecom towers within Uganda

The agreed funding from Standard Bank Group and the International finance Corporation (IFC) included a US$30mn tranche with an 8.5 year maturity from the private sector arm of the World Bank Group, IFC.

The other half of the US$60mn tranche has been provided by Stanbic Uganda, for a six-year term.

“This latest round of debt funding is a further validation of the Eaton Towers business model and management team, and a clear demonstration of our ability to efficiently leverage our assets across Africa,” said Peter Lewis, chief financial officer of Eaton Towers.

“Mobile operators in Africa are increasingly viewing tower sharing as a key strategy to facilitate reductions in operating costs and capex, enabling them to focus on providing mobile services. Eaton Towers is now a leading tower company in Uganda and this funding facility will allow us to further consolidate our position there.”

Eaton Towers has recently set up operations in Kenya and also has bases in Ghana and South Africa.

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