Eaton towers secures debt financing

Eaton Towers had secured $60 million (R520m) in debt financing from Standard Bank Group and the International Finance Corporation (IFC), the company said yesterday. The funds would be used to build and develop telecom towers across Uganda. They include a $30m tranche with an 8.5-year maturity from IFC, which is a member of the World Bank Group. Eaton Towers, which operates in Ghana, South Africa and Kenya, said the 8.5-year term was a record for telecom infrastructure providers in the region. Stanbic Uganda has provided the remaining tranche for a six-year term. The capital is earmarked for the acquisition of close to 400 towers from Warid Telecoms in Uganda and to build up to 80 new towers and upgrade others. – Asha Speckman