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Eaton Towers has secured a US$30m debt facility from Standard Bank, acting through Stanbic Bank Ghana and the Standard Bank of South Africa, to build and develop existing and new telecom towers across Ghana.
The funding is Eaton's first bank debt financing and follows the US$150m equity investment into Eaton Towers last September by Capital International Private Equity Funds.
The debt facility will fund operational maintenance of existing towers that Eaton manages for Vodafone Ghana and the construction of new towers in Ghana. Eaton Towers has drawn down US$10m of the facility so far.
Eaton Towers signed a 10-year contract to take over the operations and co-location management of 750 telecom towers for Vodafone Ghana in October 2010. It plans to extend its operations across other parts of sub-Saharan Africa.