Emerging Markets Telecommunications Services Limited, trading under the name of Etisalat Nigeria, has signed a $1.2bn medium-term syndicated loan facility agreement with Zenith Bank Plc, Guaranty Trust Bank Plc, First Bank of Nigeria Limited and 10 other banks.

The company plans to use the proceeds to refinance existing commercial medium-term debt of $650m and continue its network rollout across the country. It will also continue the release of innovative products and services to its over 15 million subscribers.

Other banks involved in the deal are United Bank of Africa Plc, Fidelity Bank Plc, Access Bank Plc, Ecobank Plc, Keystone Bank Limited, First City Monument Bank Plc, FSDH Merchant Bank, Mainstreet Bank Limited, Stanbic IBTC Bank Plc and Union Bank Plc.

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