Mauritius-based Liquid Telecom Group, a subsidiary of Econet Wireless Group, has raised USD150 million to fund the expansion of its fibre-optic network across the African continent, the Financial Times reports.

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The loan was structured, underwritten and syndicated by Standard Chartered to a small group of banks including Investec and Barclays.

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Tony Worthington, Global Head for Telecoms, Media and Technology at Standard Chartered, disclosed that the facility was ‘heavily oversubscribed’ and that there was ‘a probability that it will be upsized at some point in the future’.

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As previously reported by TeleGeography’s CommsUpdate, Liquid Telecom Group has been on the lookout for a five-year loan to fund developments for its international network since September 2014.

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Liquid Telecom CEO Nic Rudnick meanwhile revealed that the company is aiming to connect 100,000 homes with 100Mbps fibre-to-the-home (FTTH) service by the end of the year, with plans to expand to three additional states in 2015. Liquid Telecom’s backbone network currently spans 18,000km of fibre across a number of African countries, including Botswana, Democratic Republic of Congo (DRC), Kenya, Lesotho, Mauritius, Nigeria, Rwanda, South Africa, Uganda, Zambia and Zimbabwe.