Mobile operator Cell C plans to use the €240-million facility agreement it signed with the China Development Bank in August, to refinance a portion of its euro-denominated senior secured notes.

The company on Tuesday said that draw down under the facility would be made after the satisfaction of certain conditions precedents. These were expected to be completed over the next few weeks.

The facility agreement was signed during the recent visit of President Jacob Zuma, along with a business delegation, to China.

The operator is spending R5-billion on its network infrastructure this year.

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