Dark Fibre Africa obtains ZAR 1.25 bln in debt funding
2 June 2017
South African open access fibre telecommunications specialist Dark Fibre Africa (DFA) said it has raised more than ZAR 1.2 billion in new debt funding, putting to rest speculation that it is for sale. This follows the extension and increase to ZAR 1.1 billion in December 2016 of its revolving credit facility. Standard Bank and Sanlam have joined DFA’s existing syndicate of long-term funders. Govanhill Capital arranged the finance.
Cilliers Steyn, chief financial officer of DFA, said it will continue to provide open access fibre infrastructure to its clients. The new loans, with terms of four and five years, increase the maturity profile of DFA’s debt funding. The lender syndicate comprises banks, fund managers and financial companies. They are Absa, Futuregrowth Asset Management, Investec Asset Management, the KZN Growth Fund, Liberty Group, Rand Merchant Bank, Sanlam, Standard Bank and Stanlib Asset Management.