London — Mayer Brown advised a syndicate of lenders on a US$105 million senior secured loan facility for the Africell Group, a fast-growing mobile network operator with operations in the Democratic Republic of Congo, the Gambia, Sierra Leone, Uganda and Angola (launching in 2021).
The facility was structured and anchored by Gemcorp Capital, with Gramercy Funds Management LLC, TC Credit Partners LLC and funds advised by Helios Investment Partners also joining the syndicate.
The direct lending transaction will deliver flexible firepower to support Africell’s growth across both existing and new markets, spanning over 12 million subscribers and allowing communities access to education and economic choices.
Earlier this year, the group became the fourth mobile network operator to be granted a license in Angola, where it expects to create thousands of jobs over the coming years.
The commercial loan facility complements other group-level financing for Africell, including a $100 million investment from the US Government’s Development Finance Corporation (DFC).
Mayer Brown Banking & Finance partner Ashley McDermott led the all London team, which included senior associate David Fraher and associate Erica Arcudi.