Mobile network infrastructure investment in Cameroon, Ivory Coast
Ecobank Capital, the investment banking division of pan-African bank, Ecobank, announced it has successfully raised a USD$ 202 million syndicated credit facility (“facility”) on behalf of IHS Holding Limited (“IHS”), an established independent mobile infrastructure provider in Africa.
The proceeds (equivalent in local currency – West (XOF) and Central African (XAF) CFA francs) will be put to use as part of IHS’s acquisition of MTN Group Limited’s 1,757 mobile network towers in Cameroon and Ivory Coast, along with the continuation of IHS’s solar energy and build-to-suit programmes for other wireless operators.
Issam Darwish, CEO of IHS Holding, said: “I wish to express my appreciation to Ecobank, the co-arrangers and participating banks. The facility was oversubscribed and securing this 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.”
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.
“Ecobank, the co-arrangers; BDEAC, Afriland First Bank, BGFI and the participating banks: UBA, Orabank, BOA and BNI are proud to be associated with IHS’ continued growth story and committed to supporting its future development, together with such respected shareholders as Wendel, ECP, IFC, FMO and Investec.”