Deals

Telekom Networks Malawi; USD20 million multicurrency Revolving Credit Facility

Jun 30, 2018

Standard Bank was appointed sole lender for a dual currency revolving facility of USD20 million for Telekom Networks Malawi Plc (TNM). This dual currency facility enables TNM to limit its exchange risk. Fund managers and banks that competed for the mandate of this transaction were unable to match Standard Bank’s innovative structure and flexibility.

TNM is Malawi’s first mobile operator and has a 46% market share in the sector. The industry is duopolistic with TNM and Airtel Malawi Limited, accounting for 99% of the sector.

TNM is a subsidiary of the Press Corporation Plc (PCP), Malawi’s largest conglomerate, and is the largest company on the Malawi Stock Exchange (MSE) with a capitalization of $384 million (K281 billion). This is Malawi’s first dual currency tenor facility and is the largest bilateral facility of any kind to be closed in Malawi.

Standard Bank has been the leading financer to TNM since 2012 when the bank concluded a USD30 million syndicated term loan to fund its CAPEX.

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