Nigeria’s IHS Towers gets tenders for 94.8% of 8 3/8% notes due 2019

By Susanna Moon

Chicago, Oct. 26 – IHS Towers Netherlands Finco NG BV, formerly known as Helios Towers Finance Netherlands BV, received tenders for $236,935,000 principal amount, or 94.774%, of its 8 3/8% guaranteed senior notes due 2019.

IHS also secured the needed votes to amend the terms of the notes at the meeting held Wednesday in London, according to a company update.

After settlement, $13,065,000 principal amount of the notes will remain outstanding.

As announced Sept. 26, the issuer began tendering for the $250 million of 8 3/8% notes.

The company also was soliciting consents to remove most of the covenants and substantially all of the events of default contained in the trust deed for the notes.

The total purchase price was $1,050 per $1,000 principal amount of notes tendered by the early participation deadline, 5 p.m. ET on Oct. 7.

The total amount includes an early consent payment of $50 per $1,000 principal amount.

Holders will also receive accrued interest.

The tender offer ended at 11:59 p.m. ET on Oct. 24, with settlement following on Oct. 27.

IHS Netherlands Holdco BV plans to issue new dollar fixed-rate notes, and the tender offer is conditioned on the issue of the new notes.

The tender offer, the consent solicitation and the new notes are part of the company’s broader strategy to refinance and extend the average maturity of its debt and centralize funding for the wholly owned members of the group’s Nigerian operations, which includes IHS Netherlands Holdco, IHS Towers Netherlands Finco, IHS Towers NG Ltd. (formerly known as Helios Towers Nigeria Ltd.) and Tower Infrastructure Co. Ltd., according to a previous announcement.

After the tender settles and the new notes are issued, IHS Netherlands Holdco and each of its subsidiaries will guarantee the new notes. In order for IHS Towers Netherlands and the guarantors to provide these guarantees, some restrictive covenants in the conditions of the notes must be removed.

Noteholder who subscribe for new notes in addition to participating in the tender offer and consent solicitation could request priority in the allocation of the new notes.

The dealer managers and solicitation agents are Citigroup Global Markets Ltd. (44 20 7986 8969, 800 558-3745, 212 723-6108 or liability.management.europe@citi.com), Goldman Sachs International (44 20 7774 9862, 800 828-3182, 212 902-6941 or liability.management.eu@gs.com) and Standard Chartered Bank (44 20 7885 5739 or Liability_management@sc.com).

The tender and tabulation agent is Lucid Issuer Services Ltd. (44 207 704 0880 or htn.lucid-is.com).

IHS Netherlands Holdco is a telecommunications tower infrastructure owner and operator based in Lagos, Nigeria.

The issuer of the new notes is a wholly owned subsidiary of IHS Holding Ltd., a telecommunications tower infrastructure company based in Port Louis, Mauritius.

© 2015 Prospect News.
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