Commentary & Deal Flow

+++Corrects headline to mandate (not priced)+++

Emerging markets:  IHS Holding Limited (IHS Towers) (IHS) one of the largest independent owners, operators, and developers of shared communications infrastructure in the world by tower count, rated NR/B+/B+ (--/stable/stable), has mandated Citi/GS/Rand Merchant Bank/StanChart as jt glocos and jt books to organize a Global Investor Call at 3:00pm UKT 11/12, along with a series of fixed income investor meetings. A potential dual-tranche 5.5NC2 and 7NC3 Reg S / 144A USD benchmark sr notes offering will follow, subject to market conditions. JPM is also a jt book, and Absa, Access Bank plc, RBC, and Standard Bank are Co-Managers on the Offering. Citi is coordinating logistics.

The Global Coordinators have engaged with International Finance Corporation (IFC), Emerging Africa & Asia Infrastructure Fund Limited acting through its agent Ninety One SA (Pty) Ltd (EAAIF), and The Société de Promotion et de Participation pour la Coopération Économique S.A. (PROPARCO), which have confirmed their intention to place orders to purchase an aggregate principal amount of up to $170m in the New Notes Offering, subject to the final terms and conditions of the offering and satisfaction of certain conditions precedent.

IHS Towers has also announced a tender offer to buyback up to $250m of its 5.625% Senior Notes due 2026, and a tender offer and concurrent consent solicitation to buyback up to $475m of its 8.000% Senior Notes due 2027, both conditional on the successful completion of the new issuance. Remaining proceeds from this new issuance will be used to repay the group US$190m bilateral loan, pay transaction fees and expenses, accrued interest and for general corporate purposes.

Biz: one of the largest independent owners, operators and developers of shared communications infrastructure in the world by tower count and is solely focused on the emerging markets. The Company has over 40,000 towers across its 10 markets, including Brazil, Cameroon, Colombia, Côte d’Ivoire, Egypt, Kuwait, Nigeria, Rwanda, South Africa and Zambia. HQ: London, UK.