MSI Cellular shines through telecoms gloom

MSI Cellular (MSI), one of Africa's leading telecoms companies, with "Celtel" branded GSM operations throughout the continent, is proud to announce US$117m in debt finance from international backers.

MSI, a leader in Pan-African telecoms, continues to receive strong backing from international institutional investors and financiers. Despite the downturn in investment flows to the telecoms sector, MSI has closed and disbursed another round of financing, raising US$117m in debt, bringing the total financing raised to more than US$750m in five years.

The loan package comprises US$109m of medium-term senior secured debt, syndicated by ING Bank and Standard Bank London, and a six-year US$8m unsecured loan, the first ever loan by the Emerging Africa Infrastructure Fund (EAIF). The participants included both MSI's existing lenders - ING, Standard Bank and Development Bank Southern Africa, plus new relationships with EAIF and the Finnish Fund for Industrial Co-operation.

Commenting on the loan, MSI's Chairman and CEO, Dr. Mohamed Ibrahim said:

"In exceptionally difficult times for the telecoms industry worldwide, this represents a massive vote of confidence by the international financial community in MSI and Africa. We are in a very healthy position with more than one million active customers, 14 self-sufficient operations and now the resources for further significant expansion."

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