Talks between the Nigerian arm of Abu Dhabi’s Etisalat and its lenders to renegotiate the terms of a $1.2 billion loan are continuing and progress has been made, the company said on Wednesday.
The telecoms company signed the seven-year facility with 13 local banks in 2013 to refinance a $650 million loan and fund expansion of its network but is now struggling to repay the debt.
“Discussions are not only ongoing with our bankers, but good progress has been made so far,” said Ibrahim Dikko, Etisalat Nigeria’s vice president, Regulatory and Corporate Affairs. “We are optimistic that an agreement will be reached shortly.”
