Cell One signs major deal

CELL One signed a massive financial agreement with Nedbank Capital, the Development Bank of Namibia (DBN) and Investec in Windhoek on Thursday.

The long-term financing is split between DBN, which provided N$60 million, Nedbank Capital and Investec, which share the balance, and equity from shareholders and inflow from operations, which will see Cell One invest N$1 billion in network development over three years. Speaking at the signing ceremony, Cell One Chief Executive Officer (CEO) Lars Christian said the funding will ensure that Cell One continues to deliver on its promise to Namibians by building a new network with state-of-the-art technology to allow most Namibians to have access to Cell One.He added that the funding would certainly allow Cell One to continue providing a choice in Namibia in the cellular communications market.”It was important for Cell One to deal with lenders, who know not only the African continent as a market, but also South Africa and Namibia as countries and as telecommunications markets,” he said.He said the debt comprises various long-term facilities that have been structured to suit Cell One’s requirements and represent a first for facilities of this nature in the Namibian telecommunications arena.The network rollout is also funded through significant contributions of equity by the shareholders.He said Investec and Nedbank Capital were appointed as mandated lead managers to arrange the project finance debt for Cell One and will be the primary lenders along with the participation by DBN.NampaSpeaking at the signing ceremony, Cell One Chief Executive Officer (CEO) Lars Christian said the funding will ensure that Cell One continues to deliver on its promise to Namibians by building a new network with state-of-the-art technology to allow most Namibians to have access to Cell One.He added that the funding would certainly allow Cell One to continue providing a choice in Namibia in the cellular communications market.”It was important for Cell One to deal with lenders, who know not only the African continent as a market, but also South Africa and Namibia as countries and as telecommunications markets,” he said.He said the debt comprises various long-term facilities that have been structured to suit Cell One’s requirements and represent a first for facilities of this nature in the Namibian telecommunications arena.The network rollout is also funded through significant contributions of equity by the shareholders.He said Investec and Nedbank Capital were appointed as mandated lead managers to arrange the project finance debt for Cell One and will be the primary lenders along with the participation by DBN.Nampa