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Monday, 19 June 2017

Etisalat Nigeria negotiates over $1.2 billion bank loan | The National

Etisalat Nigeria negotiates over $1.2 billion bank loan | The National:

"Etisalat Nigeria is still in discussions with Nigerian banks to refinance a US$1.2 billion bank loan, the telecommunications company’s largest shareholder, Mubadala Invesment Company, confirmed on Sunday. Etisalat Nigeria, which is 45 per cent owned by the Abu Dhabi strategic investment firm, has run into difficulties meeting its commitments on the loan, which was arranged by a syndicate of local banks in 2013 and declared in default this past March following two severe devaluations of Nigeria’s currency, the naira. "Etisalat Nigeria remains in ongoing discussions with all stakeholders, including government regulators and its syndicated finance facility lenders," according to a Mubadala official. He declined to comment on reports in several Nigerian news outlets last week that Etisalat Nigeria’s controlling Abu Dhabi partners had threatened to stop supporting the company if the bank syndicate would not agree to new terms, which include taking a significant "haircut" on the loan."

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