Investment In Brief
- Gateway Broadcast Services, an unrestricted subsidiary of Gateway Telecommunications, has raised US$60 million to accelerate the roll out of its pan
African pay-TV service, GTV. Gateway has sold more than 50,000 decoders and GTV is now available in 12 countries across Africa. This further investment in GTV will allow Gateway to accelerate the roll out of the service, with a view to expanding its footprint to over 30 countries during 2008, while maintaining a fully funded business plan.
The US$60 million PIK loan agreement has been entered into with GoldenTree Asset Management, one of the world’s leading relative value investment funds, as the sole lender and follows on from the successful fund raising of $40 million in May 2007.