EAAIF acts as sole impact investor, anchors Africell’s debut issuance of USD300 million international public bond
- The USD300 million public bond issuance was oversubscribed with orders over USD550
million. - The financing will support the roll-out of digital infrastructure across four countries,
enhancing connectivity for Africell’s current 14 million customers and boosting future
growth. - The investment demonstrates EAAIF’s pledge to accelerate the development of capital
markets across Africa and South and Southeast Asia.
London, 29 October 2024: The Emerging Africa & Asia Infrastructure Fund (EAAIF), a Private
Infrastructure Development Group (PIDG) company, managed by Ninety One, has invested USD28
million and acted as the sole impact investor in an oversubscribed USD300 million capital market
maiden bond issue. Book orders over USD550 million meant that EAAIF could reduce its anchor
commitment from USD40 million to USD28 million, allowing the participation of more private
capital from a variety of international investors.
The proceeds of the issuance will support capital expenditure growth across Africell’s subsidiaries
in Angola, the Democratic Republic of Congo (DRC), The Gambia, and Sierra Leone. This will
strengthen the supply of mobile and data connectivity for approximately 14 million current
subscribers, with conditions ripe for future expansion across these countries.
Magase Mogale, Africell’s Executive Vice President said, “EAAIF was instrumental in the success
of this process. Their support and involvement gave other investors confidence, resulting in our
debut issuance being heavily oversubscribed. Launching the bond is a transformational moment for
our company as we offer investors exposure in four dynamic African countries”.
The transaction deepens Africa’s financial services landscape and diversifies fundraising sources for
dynamic, fast-growth businesses. This bond issuance is the first by any corporate or state in two of
Africell’s four established markets (The Gambia and Sierra Leone). It will provide international
private investors with insight into these markets and create the opportunity for further,
much-needed, foreign investment.
Tidiane Doucoure, Director, Emerging Market Alternative Credit at Ninety One Group, the
Fund Manager of The Emerging Africa & Asia Infrastructure Fund (EAAIF), a Private
Infrastructure Development Group (PIDG) company, said: “We are proud to have acted as
anchor investor on the successful first bond issuance of Africell. At PIDG and Ninety One, we firmly
believe in the development of capital markets and the mobilisation of private capital in low and
middle income countries. That’s the only viable way the trillions of dollars currently available in
developed markets will be channeled to support the much needed economic and social growth for
the six billion people living in emerging markets. We are honored by the trust of Africell, and our
other partners, including the global banks that acted as bookrunners – JP Morgan, Citi, and Standard
Bank.”
Developing Africa’s capital markets is a key priority for the Private Infrastructure Development
Group and Ninety One. In 2020, sub-Saharan Africa, excluding South Africa, contributed just 0.02%
to the global stock of international bonds. This presents a tremendous opportunity for global
investors and ambitious businesses to increase access to growth capital from debt capital markets.