Ekobank, Others Raise $202m for IHS holding

Ecobank Capital, the investment banking division of the Ecobank Group, said that a group of banks had successfully raised a total of $202 million syndicated facility for IHS Holding Limited.

Other financial institutions involved in the deal were Afriland First Bank, United Bank for Africa Plc (UBA), BDEAC, BGFI, Orabank, Bank of Africa and Banque Nationale d’Investissement.

Ecobank Capital acted as the Mandated Lead Arranger for the transactions. IHS is one of Africa’s largest independent mobile infrastructure providers.

A statement said the proceeds would be utilised as part of IHS’s acquisition of MTN Group Limited’s 1,757 mobile network towers in Cameroun and Côte d’Ivoire and also for the continuation of IHS’s solar energy and build-to-suit programmes for other wireless operators.

Issam Darwish, chief executive officer, IHS Holding, said: “The facility was oversubscribed and securing this credit facility reaffirms our excellent reputation on the local and international credit markets. We are delighted the consortium shares our long-term vision of creating an indigenous force in mobile network infrastructure and collectively has the financial capacity to support our pan-African expansion.”

On his part, Ehouman Kassi, Ecobank’s group head of Investment Banking, said: “This funding is in line with Ecobank’s strategy of supporting our key clients in their pan-African development. This transaction reinforces the commitment of the arrangers and participating banks to ongoing financing of the mobile network infrastructure, which is crucial to the economic development and growth of the continent. The facility comprises two transactions, one in Cameroon and one in Côte d’Ivoire.”