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London - South African cellular operator MTN has mandated six banks to arrange a $3.5bn syndicated loan, which will back its acquisition of Dubai-based Investcom, banking sources said on Wednesday.
The loan has been fully underwritten by mandated lead arrangers and bookrunners Calyon, Citigroup, Commerzbank, Deutsche Bank, SMBCE and Standard Chartered Bank.
The facility, which is split between a five-year term loan and a three-year revolver, will launch to syndication next week.
The South African mobile operator, Africa's largest, said in May that it had agreed to buy Investcom for $5.53bn to boost its subscriber base to more than 28 million.