Commentary & Deal Flow

Emerging markets: IHS Holding Ltd (IHS Towers) (IHS) US$ benchmark 144A/Reg S sr notes 2-part. NR/B+/B+ (--/stable/stable). Via Citi/GS (B&D)/Rand Merchant Bank/StanChart as jt glocos/JPM jt books, Absa, Access Bank plc, RBC, Standard Bank are co-managers. No reg rights. Settles 11/29.

- US$ TBD due 05/29/30 (5.5y). NC2 (MWC T+50bp) (50%,25%,par). CoC at 101. Semi pay (30/360) May 29 and Nov 29, starting 11/29/25. IPT 8.625%-8.75%.

- US$ TBD due 11/29/31 (7y). NC3 (MWC T+50bp) (50%,25%,par). CoC at 101. Semi pay (30/360) May 29 and Nov 29, starting 11/29/25. IPT: 9% area.

Roadshow 11/12-14 (investor call at 3:00pm UKT 11/12). Citi coordinated logistics. Pricing 11/14. UOP: fund the 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; and repay the group US$190m bilateral loan, pay transaction fees and expenses, accrued interest and for GCP.

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.

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.