Vodacom Tanzania has secured a US$90mn syndicated loan from a group of local banks led by Citibank Tanzania. The facility is part of a five-year deal expected to raise US$150mn. The loan will be used to finance capital expenditure for the mobile phone operator – an arm of leading South African mobile operator Vodacom.

Citibank Tanzania is the mandated lead arranger and bookrunner for the multi-tranche, multi-currency facility.

The other local banks include KCB (Tanzania) and National Microfinance Bank as senior lead arrangers, and National Bank of Commerce and Stanbic Bank Tanzania as senior arrangers. CRDB Bank and Standard Chartered Bank of Tanzania are participating as arrangers and the Bank of Baroda (Tanzania) is a participant.

Citibank Tanzania is mandated for arranging the remaining US$60mn from the overseas markets.