Mobile telecoms group MTN Ghana was advised by leading UK-based international law firm Simmons & Simmons on a syndicated loan to assist in financing its capital expenditure and working capital requirements to take advantage of favourable growth conditions in the African country.
The deal will see 16 local banks provide $240 million of the loan in local Ghanaian currency to MTN Ghana – which is owned by South African telecoms group MTN Group. Four foreign banks will provide a further $60m.
The Simmons & Simmons team was led by Paris-based finance partner Colin Millar.