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MTN Group, Africa’s largest mobile operator, has signed loan agreements worth over $1.3 billion to reduce debts and improve its credit rating.

The Johannesburg-based company said it has been provided with $1 billion and 4.8 billion rand ($332 million) by local and international banks, according to a report published by Bloomberg this week.

“These financing arrangements are in line with the MTN’s funding strategy, which aims to improve its debt maturity structure on an ongoing basis and maintain adequate bank facility headroom to support its credit rating,” the company said. “MTN’s funding strategy further aims to maintain a balance of operating currency and dollar-denominated debt.”

According to Bloomberg, MTN signed two loan deals worth $1 billion on August 25, comprising of a $250 million facility maturing in 2019 and a $750 million agreement closing in 2021. For both facilities, Citigroup acted as a joint book runner along with Bank of America Merrill Lynch. The lead arrangers for the facilities included subsidiaries of Barclays Africa Group, Mizuho Bank, Societe Generale, and State Bank of India.

MTN has been seeking to raise funds after the company reported a $456.8 million half-year loss. Following the agreement with Nigerian authorities to pay N330 billion ($1.67 billion) over three years as the fine for its failure to disconnect unregistered subscribers, the company booked the full value of the regulatory fine, leading to a loss in the six months ended June 30.

Earlier this month, MTN appointed several international banks to arrange a series of fixed-income investor meetings in the U.S. and the U.K. starting from September 9 to gauge investor interest on a possible bond offering. The aim of the bond offering is to raise funds for the next installments of its Nigeria fine, capital expenditures, and dividend payments.