Helios Towers Nigeria (HTN), an affiliate of Helios Towers Africa (HTA), has placed US$250m worth of 8.375% senior unsecured notes due 2019.
The issuance was revealed in a Fitch Ratings announcement which gave the notes a final B rating.
Detailing…
Helios Towers Nigeria (HTN), an affiliate of Helios Towers Africa (HTA), has placed US$250m worth of 8.375% senior unsecured notes due 2019.
The issuance was revealed in a Fitch Ratings announcement which gave the notes a final B rating.
Detailing the rating drivers, Fitch said HTN is a rapidly-growing company in Nigeria, where demand for telecoms services is quickly increasing. The agency also noted it has good revenue visibility because of long-term lease agreements.
Fitch however pointed to a need to deleverage and the risk of increased competition in the country, as more tower assets come up for sale.
Rival tower operator IHS recently took control of over 11,000 towers from Etisalat and MTN in Nigeria. And a media report suggested a few days ago that Bharti Airtel was close to agreeing a deal for 4,000 of its sites in the country with either American Tower or IHS.
In July, HTA bought 3,100 sites in four undisclosed African nations from Bharti.
HTN was not immediately available to comment.
