EAAIF acts as co-anchor investor alongside IFC and Proparco in oversubscribed $1.2 billion IHS Holding Limited bond, to drive digital connectivity in Africa
- The commitment reinforces EAAIF’s leading position as a pioneer of debt capital solutions
for telecom infrastructure in Africa - EAAIF has allocated $283 million to telecommunications companies via bond issuances
since 2016, mobilising $5.6 billion in total
London, 2 December 2024: The Emerging Africa & Asia Infrastructure Fund (EAAIF), a Private
Infrastructure Development Group (PIDG) company, managed by Ninety One, acted as a co-anchor
investor alongside IFC and Proparco in IHS Holding Limited (NYSE:IHS) (“IHS Towers”)’ $1.2 billion
issuance to support digital connectivity in Africa. The bond was oversubscribed in excess of $2.3
billion, and upsized to $1.2bn, enabling increased participation from private investors.
The proceeds of the bond will refinance existing debt of the emerging market focused
communications infrastructure company and support organic growth in its African subsidiaries
including Cameroon, Côte d’Ivoire, Nigeria, Rwanda, South Africa and Zambia.
Private debt is increasingly being mobilized to address Africa’s infrastructure financing gap, with
corporate bonds gaining traction as innovative solutions to attract local and global investors. EAAIF
anchored IHS Towers’ maiden bond in 2016, reinforcing the Fund’s position as a leading pioneer of
corporate debt for telecommunications companies in Africa. Since 2016, EAAIF has allocated over
$283 million to bond issuances by dynamic African telecom and digital infrastructure providers,
contributing to more than $5.6 billion raised in total.
EAAIF’s commitment to deepening Africa’s capital markets helps overcome funding challenges in
emerging markets and reinforces the PIDG strategy to deploy innovative infrastructure that
accelerates Africa’s economic transformation.
EAAIF has participated in the following issuances since 2016:
- $1.2 billion IHS Towers (EAAIF final allocation $30 million) 2024
- $300 million Africell issuance (EAAIF final allocation $28 million) 2024
- $120 million Sonatel asset-backed security (EAAIF final allocation $38 million) 2024
- $850 million Helios Towers issuance (EAAIF final allocation $25 million) 2024
- $400 million Axian issuance (EAAIF final allocation $20 million) 2022
- $620 million Liquid Telecoms issuance (EAAIF final allocation $15 million) 2021
- $180 million Sonatel corporate bond (EAAIF final allocation $27 million) 2020
- $750 million Helios Towers issuance (EAAIF final allocation $30 million) 2020
- $600 million Helios Towers issuance (EAAIF final allocation $30 million) 2017
- $600 million IHS Towers (EAAIF final allocation $40 million) 2016
Folatomi Fayemi, Investment Specialist, Ninety One, EAAIF’s fund manager, said: “We are
delighted to continue to support IHS Towers as it expands operations across the continent,
extending access to transformative digital services that will shape Africa’s fourth industrial
revolution. Over the past 8 years, EAAIF has led the development of corporate debt to support this
critical sector. We will continue to serve as a pioneer in the space, overcoming funding challenges to
provide innovative solutions that engineer growth in ambitious companies.”