Commentary & Deal Flow

Emerging markets: IHS Holding Limited (IHS, IHSHLD) US$1bn 144A/Reg S sr notes 2-part. NR/B/BB- (--/stable/stable). Gtd by IHS Netherlands Holdco B.V., IHS Netherlands NG1 B.V., IHS Netherlands NG2 B.V., Nigeria Tower Interco B.V., IHS Nigeria Limited, IHS Towers NG Limited and INT Towers Limited, which guarantee the existing $940m 8.000% sr notes due 2027. Via Citi/GS (B&D)/JPM/StanChart glocos and jt active books, Absa/Access Bank/Rand Merchant bank/RBC jt passive books. Citi coordinated logistics. List ISE. NY law. Semi pay (30/360). Settles 11/29 (T+6).

US$500m due 11/29/26 (5y). NC2 (MWC T+50bp), then at 102.813, 101.406, 100. ISIN: Reg S XS2413632360, 144A US44963HAA3. IPT: 6% area. Px talk: 5.75% (+/- 0.125% WPIR). Launched: $500m at 5.625%. Priced: 5.625% at 100. +440.9bp vs 1.125% 10/31/26.

US$500m due 11/29/28 (7y). NC3 (MWC T+50bp), then at 103.125, 101.563, 100. ISIN: Reg S XS2413632527, 144A US44963HAB15. IPT: 6.625% area. Px talk: 6.375% (+/- 0.125% WPIR). Launched: $500m at 6.25%. Priced: 6.25% at 100. +478.2bp vs 1.375% 10/31/28.

Did Global Investor Call at 3pm UKT 11/16 with a series of 1x1 meeting starting 11/16. Books went subject at 3:30pm UKT / 10:30am NYT today. Books were subject at $2.7bn. UOP: redeem its existing $510m 7.125% sr notes due 03/18/25 (callable at 103.563), and GCP. IHS Holding also completed a US$350m IPO in October, which will be used to fund the acquisition of 51% of FiberCo Solucoes de Infraestrutura Ltda (TIM Fiberco) from TIM SA for US$290m, execute the announced expansion to Egypt and pursue other investments. Biz: an EM focused independent telecom tower company with 30,500 towers across nine countries in Latin America, the Middle East and Sub Saharan Africa (Nigeria contributes around 74% of group revenue and 78% of group EBITDA). HQ: London, UK.