network operator, Cell C, has secured another influential partnership with a China-based organisation.
This time, the company has turned to China Development Bank to secure a EUR240 million - approximately R2.2 billion - facility agreement.
In January, Cell C signed a R2.9 billion deal with China-based telecoms hardware manufacturer, ZTE. At the time, Cell C CEO Lars Reichelt said the company had set aside R5 billion to grow its network.
The deal with China Development Bank is to be used to refinance a portion of its euro-denominated senior secured notes, Cell C said yesterday.
Outstanding conditions still require fulfilment before the cash is made available to the cellular operator. The company did not say what these conditions are, and was unwilling to expand on the agreement details. However, it expects to complete these “over the next few weeks”, the company's statement said.
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