MTN Uganda says raises $100 mln in loan for expansion
* South Africa's Absa Capital is lead arranger
* At least six banks participate
(Adds details, background)
NAIROBI, Oct 12 (Reuters) - Uganda's biggest mobile phone operator MTN raised $100 million from a syndicated loan for network expansion, a top company official said on Monday.
Absa Capital, the investment banking arm of Absa Group (ASAJ.J: Quote, Profile, Research), was lead arranger of the deal, said Isaac Nsereko, chief marketing officer at MTN, which is part of South Africa's MTN Group (MTNJ.J: Quote, Profile, Research).
"We are using it to invest in the network, different sections of the network really," he told Reuters in a telephone interview.
Banks involved include the Ugandan units of Stanbic Bank SBU.UG, Standard Chartered, Kenya Commercial Bank KCB.UG and Barclays Bank. Others are DFCU DFCU.UG and Orient Banks, he said.
Nsereko added MTN has 60 percent share of the Ugandan market with just under 5 million subscribers. Continued...
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