Global legal practice Norton Rose Fulbright has acted for Etisalat Nigeria on a US$1.2 billion equivalent medium term facility for Etisalat Nigeria, comprising a US$235,000,000 tranche and a Naira 149,575,000,000 tranche.

The facility was made available by thirteen local Nigerian banks and refinances and increases the existing US$650,000,000 facility made available in 2011, on which Norton Rose Fulbright also advised Etisalat Nigeria. The facility will also be used by Etisalat Nigeria to finance further network upgrades and expansion to improve its quality of service across Nigeria.

Nigeria is Africa’s most populous country with its ever-growing population currently estimated to be in the region of 175 million people. It has the largest mobile telecommunications market in Africa, but it is estimated that about 40 per cent of the population still do not own a mobile phone. Etisalat Nigeria is one of the largest mobile telephony providers in Nigeria by market share and is owned by Mubadala Development Company PJSC, Emirates Telecommunications Corporation and MyaCynth Cooperatief UA.

Michael Ings, London banking and finance partner at Norton Rose Fulbright, commented:

“Having advised on the original financing we were pleased to act for Etisalat Nigeria again on one of the largest infrastructure financings in Nigeria.

“There was significant demand for the transaction from local banks, which demonstrates that the outlook for local currency-denominated financings of this nature is positive.”

This is the latest in a number of strategic financings completed by Norton Rose Fulbright in the African telecommunications sector in recent years and further bolsters Norton Rose Fulbright’s significant track record in the region.

The Norton Rose Fulbright team was led by partner Michael Ings and assisted by senior associate Tim Waghorn and associate Tom Meredith.

Citibank and FBN Capital acted as Etisalat Nigeria’s financial advisors. Nigerian law advice was provided to Etisalat Nigeria by AELEX and to the lenders by Banwo & Ighodalo.

http://www.nortonrosefulbright.com/news/99353/norton-rose-fulbright-adv…