Telecommunications giant Eaton Towers has inked a $30 million debt facility in an effort to increase its ability to sell telecom tower location and shared infrastructure facilities to mobile operators. The goal is to work with Ghanaian companies to increase their mobile phone coverage, the company said.
The debt facility, a first for the company, comes as they want to fund operational maintenance of existing towers that the company manages for Vodafone Ghana, as well as the construction of new towers, said CFO Peter Lewis in a statement from the company on Thursday.
Eaton has drawn down $10-million of the facility, provided by Standard Bank Group, acting through Stanbic Bank Ghana and the Standard Bank of South Africa, to date.
This follows private equity investor Capital International Private Equity Funds’ $150-million equity investment into Eaton in September.
Eaton signed a ten-year contract to take over the operations and co-location management of 750 telecom towers for Vodafone Ghana and the company planned to extend its operations across other parts of sub-Saharan Africa.