Chicago, Feb. 10 – Axian Telecom sold $420 million of notes in a debut issue (B+/B+), according to a notice and earlier information from a market source.
The notes came without an initial discount and are non-callable for two years.
Price talk had the notes coming with a yield in the 7 5/8% area after being tightened from initial talk for a high 7% area yield.
Initial guarantors of the notes are Telma, Honora Holdings, TowerCo of Africa, TowerCo of Madagascar, Silver Links, Stellar-IX Data Centers, Axian Financial Services, Discovery Place, Meta Market and Axian Support Services. MIC Tanzania will be an additional guarantor.
JPMorgan, Societe Generale and Standard Bank are global coordinators and joint bookrunners of the Rule 144A and Regulation S deal. JPMorgan is also acting as development finance structuring agent for the offering.
Proceeds are earmarked to fund the purchase price for an acquisition by Honora Holdings of 98.5% of the shares of MIC Tanzania, repayment of certain existing group debt, as well as general corporate purposes.
International Finance Corp. announced itself as an anchor investor in the offering, taking 12% of the bond.
Listing will be on The International Stock Exchange.
Axian is a pan-African group that operates in real estate, telecom, finance, energy, open innovation and financial technology. It is based in Madagascar.
| Issuer: | Axian Telecom
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| Amount: | $420 million
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| Issue: | Notes
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| Tenor: | Five years
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| Bookrunners: | JPMorgan, Societe Generale and Standard Bank
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| Price: | Par
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| Call features: | Two years
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| Trade date: | Feb. 9
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| Ratings: | S&P: B+
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| Fitch: B+
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| Distribution: | Rule 144A and Regulation S
|
| Price talk: | 7 5/8% area, tightened from initial in high 7% area
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