Airtel Africa secures $125m facility from Citibank

Telecommunications firm, Airtel Africa, has signed a $125 million revolving credit facility with Citi through its branch offices/subsidiaries in sub-Saharan Africa.

This is contained in a disclosure signed by Simon O’Hara, Group Company Secretary titled, ‘Airtel Africa’s First Sustainability-Linked Loan Facility.

It stated that the facility is in line with the company’s strategy to raise debt in its local operating companies and will include both local currency and US dollar-denominated debt.

The telecoms firm operates in 14 countries in Africa, primarily in East, Central and West Africa. Airtel Africa is majorly owned by the Indian communication services company, Bharti Airtel.

Checks by The Guardian showed that With 58.1 million subscribers in Nigeria and 28.2 per cent market penetration, Airtel Africa’s total customer base increased to 131.6 million, up 8.9 per cent, with increased penetration across mobile data (customer base up 9.7 per cent) and mobile money services (customer base up 19.7 per cent).

The company stated: “Airtel Africa, a leading provider of telecommunications and mobile money services, with a presence in 14 countries across Africa, today announces the signing of a $125 million revolving credit facility with Citi through its branch offices/subsidiaries in sub-Saharan Africa.

“This facility is in line with our strategy to raise debt in our local operating companies and will include both local currency and US dollar-denominated debt. The facility has a tenor up to September 2024 and will be used to support Airtel Africa’s operations and investments in four of its subsidiaries.