Helios Towers Nigeria has closed a US$150m syndicated loan arranged by the IFC.
The facility is part of the US$250m fundraising which Helios announced last September, and of which it has already raised US$100m.
The investment will help Helios, which…
Helios Towers Nigeria has closed a US$150m syndicated loan arranged by the IFC.
The facility is part of the US$250m fundraising which Helios announced last September, and of which it has already raised US$100m.
The investment will help Helios, which builds telecom towers to lease them to operators, expand its nationwide network to 2,000 sites.
The US$150m includes US$76m in loans syndicated to the African Development Bank, the Netherlands’ FMO, Germany’s DEG and Proparco (France).
Another US$30m consists of a loan to Nigeria’s First City Monument Bank, while the remaining $44 million was syndicated to Cordiant Capital, the Emerging African Infrastructure Fund and Nedbank South Africa.
The IFC arranged the loans, while Vinson and Elkins provided Helios with legal advice.
The previous US$100m consisted of a US$50m mezzanine loan agreed last August, followed by an arrangement on September 30 to disburse US$50m in senior debt.
In spite of fast growth, Nigeria’s telecom penetration remains at 43%, indicating significant room for more growth, the IFC said. By expanding Helios’ network, operators will be able to outsource non-core activities and passive infrastructure, allowing them to focus on further developing their products and services,” it adds.
