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London - Eaton Towers secures $30m debt facility for Ghana tower investments - 12 January 2012


12 January 2012 - London. Eaton Towers ("Eaton" or the "Group"), the African tower ownership and management company, has secured a $30m debt facility from Standard Bank Group, acting through Stanbic Bank Ghana and the Standard Bank of South Africa, to build and develop both existing and new telecom towers across Ghana.

This is Eaton's first bank debt financing and follows the $150m equity investment into Eaton Towers last September by Capital International Private Equity Funds ("CIPEF"), a private equity investor that focuses on emerging markets.

Peter-Lewis Peter Lewis, Chief Financial Officer of Eaton Towers, said:

"We are delighted to have completed our first bank debt financing with Standard Bank Group. Given our strong deal pipeline and the interest we are seeing from financial and development institutions, we are confident that this will be the first of many such financing deals. This debt facility is an endorsement of our business model and demonstrates our ability to leverage our assets in Africa in a highly efficient way."

The debt facility and equity investment will enable Eaton Towers to add scale to its business of selling telecom tower co-location and shared-infrastructure facilities to mobile operators. Specifically, the debt facility will fund operational maintenance of existing towers and the construction of new towers in Ghana. Eaton Towers has drawn down $10 million of the facility so far.

Eaton Towers was founded in 2008 by a team of highly experienced telecoms entrepreneurs with significant expertise in the African telecoms market. The management team includes Chief Executive Alan Harper, formerly on the Executive Committee of Vodafone Group Plc; Chief Financial Officer Peter Lewis, previously Treasurer and Head of Corporate Finance at Millicom; Executive Director Terry Rhodes, former director of Celtel (now Bharti Airtel Africa); and Chairman Sanjiv Ahuja, formerly Chief Executive of Orange.

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