AIRTEL GETS A $125 MILLION REVOLVING LOAN FROM CITIGROUP.


One of Africa’s largest telcos, Airtel Group, announced the signing of a $125 million revolving credit facility with investment banking group, Citigroup Inc, through its branch offices in sub-Saharan Africa.

Side bar: A revolving loan is a loan that a business arranges with a bank which allows the business to withdraw money any time, with a pre-established maximum amount. The facility is used by businesses that have low cash balances to cover operational and unexpected expenses. 

What does Airtel need the money for? 

Airtel says the credit facility aligns with its plan to raise debt in its local operating companies. The facility will include both local currency and US dollar-denominated debt, and will be used to finance Airtel’s operations and investments in 4 of its subsidiaries.

The revolving loan will expire in September 2024.