Norton Rose Fulbright wins role on $1.2bn Nigeria telecoms finance deal
Norton Rose Fulbright's London arm has acted for telecoms operator Etisalat Nigeria on a $1.2bn (£772m) loan facility arranged with 13 banks. The newly merged firm won the role to advise Etisalat Nigeria after a competitive tender process. The facility, which was made available by 13 Nigerian banks including Zenith Bank and the United Bank for Africa, will be used to finance network upgrades and expansion.
June 13, 2013 at 07:03 PM
2 minute read
Norton Rose Fulbright's London arm has acted for telecoms operator Etisalat Nigeria on a $1.2bn (£772m) loan facility arranged with 13 banks.
The newly merged firm won the role to advise Etisalat Nigeria after a competitive tender process.
The facility, which was made available by 13 Nigerian banks including Zenith Bank and the United Bank for Africa, will be used to finance network upgrades and expansion.
The team representing Etisalat Nigeria was led by London banking partner Michael Ings, alongside West African commercial and litigation firm Aelex, which provided local law advice. The lenders were advised by Nigerian outfit Banwo & Ighodalo.
Ings said: "There is a role for international counsel on these types of deals to ensure the transaction meets international standards. What is significant in transactions such as this in jurisdictions like Nigeria is that it shows it is possible to complete major financings that are funded entirely by local banks.
"As one of the largest infrastructure financings in Nigeria, it demonstrates the increased appetite for these types of deals from local lenders."
Etisalat Nigeria is owned by Abu Dhabi sovereign wealth fund Mubadala Development, Emirates Telecommunications and holding company MyaCynth.
Norton Rose Fulbright is currently considering further expansion into a raft of new markets in Africa in the wake of its transatlantic merger, with Nigeria, Egypt, Mozambique and Angola all identified as potential destinations for office launches.
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