RLPC-MTN Group in talks for $1 bln loan

LONDON Wed Feb 12, 2014 9:25am EST

LONDON Feb 12 (Reuters) - South African mobile phone operator MTN Group has mandated Barclays as global co-ordinator on a new $1 billion revolving credit facility, according to banking sources.

The syndicated loan, which pays 110 bps over LIBOR, will replace a $1.35 billion, three-year loan that signed in May 2011, the bankers said.

Lenders are being asked to commit $125 million tickets on the new loan, with initial responses due by February 19. The club deal is expected to be provided by 11-13 banks, one of the sources said.

MTN was not immediately available for comment. (Editing by Chris Mangham)