Africa-focused tower operator IHS Holding, which in 2014 agreed to take control of more than 13,000 towers on the continent, is reportedly seeking to tap the international debt market to raise US$800m in loans.
The company has mandated Citi and Standard…
Africa-focused tower operator IHS Holding, which in 2014 agreed to take control of more than 13,000 towers on the continent, is reportedly seeking to tap the international debt market to raise US$800m in loans.
The company has mandated Citi and Standard Chartered to coordinate the facility, and talks with banks are expected to start tomorrow in London, according to Agence Ecofin citing multiple sources.
The funding will reportedly be split between a US$560m US dollar tranche and a US$240m Nigerian naira-denominated tranche.
IHS declined to comment on the report.
Last year, IHS agreed to buy or take control of more than 13,000 towers from three leading African telecoms operators: Airtel Africa; MTN; and Etisalat.
To help fund those deals, the towerco said in early November that it would raise up to US$2.6bn in equity and debt financing. New and existing shareholders will inject US$2bn while the remaining amount will take the form of loans. Of those, US$200m will be provided by IFC.
