NuRAN Wireless Secures Term Sheet for $15 Million Credit Facility to Expand African Telecom Infrastructure

NuRAN Wireless Inc., a prominent provider of mobile and broadband wireless solutions, announced a significant financial development through its subsidiary, NuRAN Wireless Africa Holding. The company has entered into a non-binding term sheet with a global asset management firm for a $15 million long-term senior secured credit facility, with the potential to increase up to $70 million. This funding is aimed at enhancing telecommunications infrastructure across multiple African nations.

The funding terms are highly favorable compared to previous propositions and signify a strategic advancement in NuRAN's efforts to improve connectivity in Africa. The facility is designed with a seven-year term, including a two-year grace period on the principal repayment. Francis Létourneau, CEO of NuRAN, expressed optimism about the positive impact this financial backing would have on their projects in Cameroon, DRC, Ivory Coast, Madagascar, and beyond. He highlighted the existing success in Cameroon, projecting continued positive outcomes from forthcoming expansions.

The credit facility will be subject to the completion of formal due diligence, negotiation, and execution of definitive agreements. It also requires approval from various regulatory bodies, including the Canadian Securities Exchange. Despite these steps, the announced funding reflects strong support and confidence in NuRAN's mission to provide accessible and reliable connectivity in underserved African regions.