O&A’s Corporate Finance Team Concludes US$ 62 Million Loan Facility Transaction

Odujinrin & Adefulu’s CFT, on August 22, 2013, officially concluded its role as Transaction Counsel to the African Export-Import Bank, (the Lender), in conjunction with the UK office of Hunton & Williams and the Mauritian law firm of De Comarmond & Koenig in a US$ 62 Million loan facility in favour of Capcom Telecoms Limited (the Nigerian SPV of the Capcom Mauritius).

The facility was taken to part finance the acquisition by Capcom Mauritius of a majority stake in Starcomms Plc (a major telecommunications service provider in Nigeria), and to purchase and consolidate the CDMA assets of Cyancom Limited (formerly MTS Limited) and Multi-Links Telecommunications Limited in Starcomms Plc post- investment.

It is expected that the integration of Starcomms with Multi-Links and Cyancom will provide a Long Term Evolution (LTE) 4G-internet service to consumers and businesses in Nigeria. The introduction of the LTE technology will permit the most significant improvement in quality of telecommunications service for Nigerian consumers and businesses with all the benefits of high-speed internet access.

This transaction represents a major landmark in the Nigerian Telecommunications Industry and the firm is proud to have been a part of the process.

The team was led by partner Damilola Adetunji who was assisted by associates Olakemi Salau, Jide Babalola and Kunbi Ogunde. Associates Bukola Oshunkeye and Oyinkan Annie provided regulatory interface support on the transaction.