Teylium Telecom

completed

The project consists of the build out of a GSM mobile telephone networks in Cape Verde sponsored by Teylium Telecom (TT), a West African GSM mobile holding company. TT is fully owned and controlled by Yerim Sow, a Senegalese national who has been active in telecoms in Francophone West Africa since 1994. TT purchased 70% of T Plus S.A. (T Plus) in 2006. IFC has been asked to play a lead role in the $16 million equivalent project’s financing by providing up to $5.55 million equivalent in the form of a senior A loan of up to $3.8 million and a C loan of up to $1.75 million. T plus is a greenfield GSM operation in Cape Verde, which was issued the second GSM license (10-year term) by the Cape Verdean Communication Agency in January 2006 and expects to launch operations in late 2007. In April 2006, TT acquired a 70% controlling stake in T Plus with the remaining shareholders being held by: - Alexander Group Telecommunications (AGS Telecom) (15%); and - Marco Bento (15%), a local Cape Verdian investor, who was the original founder of T Plus. AGS Telecom, wholly-owned by its founder Mr. Alexander Yamandou, is a registered New York company, providing voice, internet and satellite services in the United States and Africa. Total 2007-2008 project cost for T Plus is $15.0 million equivalent, to be financed with sponsor equity/shareholder loans, the IFC loans and an additional $5.0 million in debt to be mobilized by the sponsor.