Smile Telecoms Holdings Ltd., a Pan-African telecommunications group with operations in Nigeria, Uganda, Tanzania, and the Democratic Republic of the Congo, announced Wednesday, that its debt restructuring plan has been approved and agreed with the lenders.
The debt restructuring plan sees an injection in fresh money funding from Smile’s majority shareholder, the Al Nahla, and rescheduling on debt repayment until post-March 2022.
The company said the fresh injection of $51 million in funding for operations will further enhance Smile’s position in its respective markets and energize Smile’s operations and support efforts towards achieving better performance.
Founded in 2007, with its head office in England, Smile Telecoms also operates in South Africa. The company has one of the largest sub-1 GHz 4G LTE commercial networks in Africa, operating in the “future proof’ low band, 800 MHz band, and mid-band.
Smile was the first to launch VoLTE on its network and continued its innovation, introducing SmileVoice, a free mobile app. SmileVoice enables customers with any Android or Apple iPhone device (including those which are not VoLTE-enabled) to make SuperClear voice calls over Smile’s 4G LTE network.