IHS Holding Limited, the telecom infrastructure powerhouse led by U.S.-Nigerian billionaire Sam Darwish, has secured $1.6 billion in fresh financing to strengthen its balance sheet amid currency volatility and evolving market conditions. The funding consists of a $439 million dual-currency syndication and a $1.2 billion bond issuance, signaling strong investor confidence in IHS’s long-term strategy.
RMB Leads IHS’s Dual-Currency Syndication
Rand Merchant Bank (RMB) played a key role in structuring the deals, acting as the sole Initial Mandated Lead Arranger, Bookrunner, and Coordinator for IHS’s $439 million five-year bullet facility. The facility, structured in both South African rand (ZAR) and U.S. dollars (USD), allows IHS to diversify its funding sources while reinforcing its financial stability.
“Despite ongoing challenges in global and emerging markets, we successfully executed this transaction, aligning with IHS’s funding strategy and demonstrating our expertise in telecom infrastructure,” said Miranda Abraham, Head of Loan Syndications at RMB.
$1.2 Billion Bond Refinancing Extends Debt Maturity
In a separate deal, IHS raised $1.2 billion through a Rule 144A/Regulation S bond issuance, with RMB serving as Joint Global Coordinator, Bookrunner, and Dealer Manager. This marks IHS’s first bond issuance in three years, aimed at refinancing debt maturing in 2026 and 2027 while extending the company’s debt maturity profile to seven years.
“This is an important milestone that underscores our longstanding partnership with IHS,” said Lwandi Nene, Co-Head of Debt Capital Markets at RMB. “The strong demand and successful pricing, despite market volatility, highlight investor confidence in IHS’s long-term plans.”
IHS Navigates Market Pressures, Optimizes Asset Portfolio
Founded by Sam Darwish in 2001, IHS has grown into the world’s third-largest independent telecom tower company, managing over 39,000 towers across Africa, Latin America, and the Middle East. Despite its market leadership, the company faced a 19.5 percent drop in revenue to $1.71 billion in 2024, largely due to the Nigerian naira devaluation.
To optimize operations, IHS:
•Added 385 new tenants
•Amended 1,566 leases
•Constructed 207 new towers, including 136 in Brazil
•Sold its 70 percent stake in IHS Kuwait to Zain for $230 million
Despite these challenges, IHS remains a dominant force in Africa’s telecom sector, with Darwish maintaining a 4.17 percent stake in the company. The recent funding reinforces IHS’s position as a key player in global telecom infrastructure, ensuring it remains well-capitalized amid shifting economic conditions.
