British International Investment (BII) in the U.K. has committed to a $30 million anchor investment in Africa’s Helios Towers’ (LSE: HTWS) $850 million public bond offering. Techpoint reported that the bond offering will be listed on the London Stock Exchange, allowing Helios to refinance its existing debt and improve access to information and communications services.
With the infusion of funds, Helios Towers will focus on areas with low mobile and 4G coverage. Chris Chijiutomi, Managing Director and Head of Africa at BII, has affirmed that the direct funds will be channeled to the regions that are in most need, thereby enhancing information and communications services and fostering more inclusive economic growth.
The pan-African telecom infrastructure company reported 14,166 sites at the end of 1Q24, an increase of four percent year-over-year. It serves over 144 million people in nine countries including Tanzania, Ghana, Congo Brazzaville, the Democratic Republic of Congo, South Africa, Senegal, Madagascar, and Malawi, according to Techpoint.
“This successful refinancing reflects the company’s track record and market diversification since our last bond offering, and expected cash flow generation through to 2026,” said Helios Towers CFO Manjit Dhillon.
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