Rand Merchant Bank (“RMB”) has recently concluded two significant transactions for IHS Holding Limited, one of the world’s largest independent owners, operators, and developers of shared communications infrastructure. Partnering with IHS to tailor solutions to meet their specific requirements, RMB played a pivotal role in both the c. USD439 million equivalent dual-currency syndication and in IHS’s USD1.2 billion dual-tranche issuance.
On the dual-currency syndication, RMB acted as the sole Initial Mandated Lead Arranger, Bookrunner, and Coordinator. This five-year bullet facility, comprising ZAR and USD tranches, reflects IHS’s proactive approach to balance sheet management and RMB’s ability to deliver, despite challenging market conditions. The transaction diversified its funding currency mix.
“Despite significant global and emerging market challenges, RMB was able to execute and structure the transaction successfully, in line with IHS’s requirements. Not only does it diversify IHS’s funding currency base, it also underscores our ability to execute in emerging markets. It reflects RMB’s deep understanding of both the client’s needs and the telecommunications sector, enabling us to deliver comprehensive solutions across markets,” says Miranda Abraham, Loan Syndications Head at RMB.
In a subsequent transaction, RMB acted as Joint Global Coordinator, Bookrunner, and Dealer Manager for IHS’s USD1.2 billion Rule 144A/Regulation S issuance. This marked IHS’s first USD notes issuance in three years and included Capped Tender Offers on the USD notes maturing in 2026 and 2027.
The USD1.2 billion issuance was leverage neutral, as the proceeds were used to fund the liability management operations, repay other outstanding indebtedness and accrued interest for fees and expenses related to the offering.
Key highlights of this transaction include, increasing the size of the offering even amidst intraday price tightening, and extending its debt maturity curve out to 7-years and associated liability management and consent process.
“This issuance is a milestone for RMB and demonstrates the strength of our long-standing relationship with IHS,” says Lwandi Nene, Co-Head of Debt Capital Markets. “It reflects our ability to bring the bank to our clients and assist them in optimising their financing, regardless of prevailing market conditions.”
These transactions highlight RMB’s partnership with IHS, providing tailored financing solutions that address the client’s evolving requirements. From syndications to capital market issuances, RMB continues to support IHS as a strategic partner.
//Staff writer
