Commentary & Deal Flow

HTA Group Ltd (HLSTWR) exp Ba3/BB-/BB- (s/s/s) US$ benchmark 144A/Reg S no reg rights 5nc2 sr notes due 4/1/31. BofA (B&D)/JPM/Standard Bank/Standard Chartered as joint global coordinators and joint bookrunners. Joint books: Absa, Rand Merchant Bank. Co-mgrs: DB, Jefferies. Guarantors: Helios Towers plc, Helios Towers UK Holdings Limited, Helios Towers, Ltd., HTA Holdings, Ltd., HT Congo Brazzaville Holdco Limited, Helios Towers DRC S.A.R.L., HT Holdings Tanzania, Ltd, Helios Towers Congo Brazzaville SASU, HT DRC Infraco S.A.R.L., HTT Infraco Limited, Towers NL Coöperatief U.A., McTam International 1 BV, Helios Towers Ghana Limited Company, HTG Managed Services Limited Company and McRory Investment BV. Covenants: Incurrence-based covenants with limitations on debt incurrence (4.5x CNLR), priority debt (capped at the greater of US$ 1,005m and 200% of EBITDA), restricted payments (unlimited subject to 3.75x CNLR), asset sales and transaction with affiliates, among others. Change of Control: 101 investor put (portability subject to 4.0x CNLR). Denoms: US$ 200k x US$ 1k. Law / Listing: New York Law / London Stock Exchange (ISM). UOP: To (i) prepay in full the outstanding amounts under the Pari Passu Term Facilities, (ii) for general corporate purposes and (iii) to pay certain fees and expenses in relation to the Offering. Pricing 3/25. Settle 4/1 (T+5). IPTs: 7.375%-7.500%.