UBA, Others Raise US$25m Loan For LoneStar Cell
United Bank for Africa Liberia Limited and UBA Plc together with 3 other banks, syndicated a Medium Term Loan Deal of USD$25 Million for Lonestar Communications Corporation aka Lonestarcell MTN.The 3 other banks are Ecobank Liberia Limited, Liberia Bank for Development & Investment and Guaranty Trust Bank Liberia Limited. The signing ceremony of the Finance Document for the US$25 Million Medium Term Loan, took place in Mamba Point Hotel, Monrovia.
The Managing Director/CEO of UBA Liberia, Chioma Mang, in her opening address noted that the transaction is structured to provide capital to support the continuous network rollout and upgrading of Lonestarcell MTN infrastructure across Liberia, thus driving the desired service quality to its numerous customers, and creating future job opportunities in Liberia. The MD also pointed out that this first ever syndicated loan in the country is a testament to the robust strategy of the Lonestarcell/MTN in market leadership, the faith of the banking community in the Company’s operations and performance, as well as their tested execution capabilities.
The MD/CEO UBAL furthered that the syndication confirms a strategic collaboration within the Liberian Banking Sector, thus showcasing the growing strength of the country’s financial institutions and their collective ability to stimulate Liberia’s economic growth, while at the same time deepening the telecommunications services of the nation. She affirmed that the transaction is strategic to the transformation agenda of the Government of the Republic of Liberia.
In his special remarks, the Central Bank Executive Governor J Mills Jones proudly enthused that the syndication was a major step for the banking sector in Liberia. The Executive Governor Jones noted that without a strong banking system, there cannot be a strong private sector. He therefore thanked UBAL, UBA Group and the other banks for this historic effort and urged the banking system to continue with such collaborations.
Also speaking at the program, CEO Lonestarcell MTN Tebogo Mogapi asserted that Liberia’s investment climate was improving with the banks playing a major role. CEO Mogapi stressed that the syndicated loan is a huge commitment and congratulated the parties’ involved in the process.
In separate remarks, the banks indicated that they were delighted to be a part of the partnership that will add-value to their various banks. For his part, President/CEO of the Liberia Bank for Development & Investment John Davies said that this first ever syndication loan is unique and interesting within the banking landscape of Liberia. CEO Davies urged the partners to collaborate with a new spirit of seeking wise guidance from the Central Bank of Liberia in order to deliver.
Meanwhile, the UBAL MD/CEO Chioma Mang has expressed gratitude to the Central Bank of Liberia Executive Director J Mills Jones for the enormous support in facilitating the process while also recognizing the MTN Group and UBA Group for their technical support.