Eaton Towers Secures Funding for Vodafone Ghana Towers Deal

Mergers, Acquisitions and Financial Results

Eaton Towers, an African towers network operator has secured a US$30 million loan to fund its expansion into Ghana.

The transaction was signed last month and provides for a 5-year senior secured term loan facility to fund the enhancement and upgrade of towers under a Site Sharing and Maintenance Agreement contract with Vodafone Ghana.

It will fund further capital expenditure in relation to the build-out of up to 300 additional wireless towers in Ghana.

Peter Lewis, Chief Financial Officer of Eaton Towers, says: "We are delighted to have completed our first bank debt financing with Standard Bank Group. Given our strong deal pipeline and the interest we are seeing from financial and development institutions, we are confident that this will be the first of many such financing deals. This debt facility is an endorsement of our business model and demonstrates our ability to leverage our assets in Africa in a highly efficient way."

The company had already secured $150 million of private equity funding last September.