Table of Contents
Key Points
- IHS raises $1.6 billion through dual-currency syndication and bond issuance, strengthening liquidity amid currency volatility and evolving market conditions.
- Rand Merchant Bank arranges a $439 million dual-currency facility, helping IHS diversify its funding mix and reinforce investor confidence in telecom infrastructure.
- IHS’s first bond in three years extends debt maturity to seven years, improving financial flexibility despite FX pressures in Nigeria.
IHS Holding Limited, the telecom infrastructure giant led by U.S.-Nigerian tycoon Sam Darwish, has secured $1.6 billion in fresh financing, reinforcing its financial position as it navigates currency volatility and evolving market conditions.
Rand Merchant Bank (RMB) played a key role in structuring two major transactions—a $439 million dual-currency syndication and a $1.2 billion bond issuance—demonstrating strong investor confidence in IHS’s future.
RMB leads dual-currency syndication to expand IHS’s funding base
RMB acted as the sole Initial Mandated Lead Arranger, Bookrunner, and Coordinator for IHS’s $439 million five-year bullet facility. The deal, structured in both South African rand (ZAR) and U.S. dollars (USD), helped IHS diversify its funding mix while strengthening its balance sheet.
“Despite ongoing challenges in global and emerging markets, we successfully executed this transaction, aligning with IHS’s funding strategy and demonstrating our expertise in telecom infrastructure,” said Miranda Abraham, Head of Loan Syndications at RMB. “This deal expands IHS’s funding options and reinforces investor confidence in the sector.”
IHS secures $1.2 billion bond refinancing
In a separate deal, RMB served as Joint Global Coordinator, Bookrunner, and Dealer Manager for IHS’s $1.2 billion Rule 144A/Regulation S bond issuance. The company’s first bond issuance in three years, the move refinanced debt maturing in 2026 and 2027, extending IHS’s debt maturity profile to seven years.
“This is an important milestone that underscores our longstanding partnership with IHS,” said Lwandi Nene, Co-Head of Debt Capital Markets at RMB. “The strong demand and successful pricing, despite market volatility, highlight investor confidence in IHS’s long-term plans.”
IHS adjusts to market pressures, optimizes assets
Founded by Darwish in 2001, IHS has grown into the world’s third-largest independent telecom tower company, managing more than 39,000 towers across Africa, Latin America, and the Middle East. Darwish, who holds a 4.17 percent stake, remains a key player in Africa’s telecom sector.
In 2024, IHS added 385 tenants, amended 1,566 leases, and built 207 new towers, including 136 in Brazil. However, revenue fell 19.5 percent to $1.71 billion, largely due to the Nigerian naira devaluation. To streamline operations, IHS sold its 70 percent stake in IHS Kuwait to Zain for $230 million.
