International law firm Simmons & Simmons has advised MTN Côte d’Ivoire on raising XOF140bn (the equivalent of USD240m) term funding.

MTN Côte d’Ivoire is a subsidiary of South Africa’s MTN Group, a longstanding client of the firm. The seven year loan has been syndicated to ten banks having been co-arranged by Standard Chartered Bank Côte d’Ivoire and EDC Investment Corporation as mandated lead arrangers and bookrunners.

The loan was arranged in order to refinance MTN Côte d’Ivoire’s existing indebtedness, in particular a XOF75bn bridge facility put in place by the co-arrangers on 15 December 2015 and for its general corporate purposes including payments in respect of its telecommunications licence.

The firm has previously advised MTN Group on a syndicated loan in Uganda, which will be invested in its network infrastructure, particularly the roll-out of high speed data capacity.

Commenting on this transaction, financial markets partner, Colin Millar said: "The firm has a longstanding relationship with MTN Group and we were pleased to once again have the opportunity to assist the client in negotiating its financing arrangements, assisting MTN Côte d’Ivoire both on the bridge financing in December 2015 and now on the medium term financing."

The Simmons & Simmons team was led by financial markets partner, Colin Millar, Avocat à la Cour Celine Larmet and partner Christian Taylor, all based in Paris. Côte d’Ivoire based firm SCPA Dogué-Abbé Yao & Associés advised on the Côte d’Ivoire legal aspects.