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NuRAN Wireless Inc., a specialist rural telecommunications company, has announced a $15 million loan facility agreement with a development finance institution (DFI), to finance a part of NuRAN’s planned $30 million of expenditures linked to the installation of network infrastructure roll-out in Cameroon and Democratic Republic of the Congo (DRC).
A statement from the company says the proceeds will be used for project expenditures relating to the installation of network infrastructure and roll out of up to 120 rural sites in Cameroon and 850 sites in DRC.
NuRAN says it is in advanced discussions with other funding institutions for the majority of the remaining $15 million.
In addition, the telco says it has already contributed approximately $5.1 million in equity over and above the project expenditures, which includes the first phase of 122 sites in Cameroon through the private placement proceeds previously announced and which includes Spacecom’s investment in July 2021.
The balance of funding is to be raised in cash through equity or additional debt. A holding entity for the African operations is to be established for the Project and it is expected that the balance of funding will be raised at this level, further explained the statement.
Further debt and equity funding beyond the Project will be contemplated at the appropriate time which will allow for the completion of the build of the full 2,000 sites in DRC as well as the build of the South Sudan contract with MTN which NuRAN announced previously.
NuRAN says the loan facility is for a term of seven years including two years’ grace period on repayment of principle and disbursements may be requested up to 36 months following execution of definitive agreements for the loan facility.
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