Celtel Kenya successfully arranges Kshs.6bn local debt refinancing

Celtel Kenya, part of Celtel International has successfully completed a refinancing in Kenya for Kshs.6.0 billion (or around $74 million).

The loan facility was arranged through Standard Bank, which acted as Global Advisor and Arranger. Barclays Bank of Kenya Limited, Kenya Commercial Bank Limited and Stanbic Kenya Limited were lead arrangers for the syndicated loan facility, which matures in five years.

Commenting at the signing ceremony held in Nairobi this morning John McDonald, Chief Executive Officer of Celtel Kenya said:
“This is a substantial loan facility and demonstrates the confidence of local lenders in Celtel Kenya's ability to deliver a quality service and growing customer base. The facility provides Celtel Kenya with more flexibility to pursue its growth and development ambitions and will underpin future investment.”

David Wilson, Celtel International Chief Financial Officer, said:
“This refinancing is one of the largest in East Africa and effectively replaces the international loan facility which the Group put in place to assist the acquisition of KenCell, now Celtel Kenya, in May this year.

“Having recently completed the rebranding of the business, we are delighted to have secured local lending support for the Company into the next phase of its development.”

For more details, please contact: Martin de Koning, Celtel Corporate Communications Director, +31 23 554 2671 or +31 6558 22409, deKoning.M@celtel.com