Eaton Towers secures US$30 million funding from Standard Bank

Eaton Towers has secured a US$30 million loan to fund its expansion into Ghana. The transaction was signed in December 2011 and provides for a five-year senior secured term loan facility to fund the enhancement and upgrade of towers under a site sharing and maintenance agreement contract with Vodafone Ghana.

It will fund further capital expenditure in relation to the build-out of up to 300 additional wireless towers in Ghana.

"We are delighted to have completed our first bank debt financing with Standard Bank Group, commented Peter Lewis, Eaton Towers’ chief financial officer. “Given our strong deal pipeline and the interest we are seeing from financial and development institutions, we are confident that this will be the first of many such financing deals.”

The company had already secured US$150 million of private equity funding last September.