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Borrowings | 9 Months Ended
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Sep. 30, 2024
Borrowings. |
Borrowings | NOTES TO THE UNAUDITED CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS (CONTINUED) 15.Borrowings ​
​ | ​ | ​ | ​ | ​
​ |  | September 30, | ​ | December 31,
​ | ​ | 2024 | ​ | 2023
​ | ​ | $’000 |  | $’000
​ | ​ | ​ | ​ | ​
Non‑current | ​ | ​ | ​ | ​
Senior Notes | ​ | 1,934,817 | ​ | 1,930,457
Bank borrowings | ​ | 1,419,945 | ​ | 1,126,239
​ | ​ | 3,354,762 | ​ | 3,056,696
Current | ​ |  | ​ |
Senior Notes | ​ | 22,708 | ​ | 26,912
Bank borrowings | ​ | 146,665 | ​ | 107,110
Bank overdraft | ​ | — | ​ | 675
Letters of credit | ​ | 7,623 | ​ | 319,454
​ | ​ | 176,996 | ​ | 454,151
​ | ​ | ​ | ​ | ​
Total borrowings | ​ | 3,531,758 | ​ | 3,510,847
​ Refer to the next page for an analysis of our borrowing facilities and related covenants: NOTES TO THE UNAUDITED CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS (CONTINUED) Analysis of borrowings ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | September 30, | ​ | December 31,
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | 2024 | ​ | 2023
​ | ​ | Notional | ​ | ​ | ​ | Issue | ​ | Maturity | ​ | ​ | ​ | ​ | Carrying | ​ | Carrying
​ |  | amount |  | Currency |  | date |  | date |  | Interest rate |  | amount |  | amount
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | $’000 | ​ | $’000
Senior Notes | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
IHS Holding Limited | ​ | 500.0M | ​ | USD | ​ | Nov'21 | ​ | Nov'26 | ​ | 5.63 | % | ​ | 506,809 | ​ | 498,920
IHS Holding Limited | ​ | 500.0M | ​ | USD | ​ | Nov'21 | ​ | Nov'28 | ​ | 6.25 | % | ​ | 506,991 | ​ | 498,635
IHS Netherlands Holdco B.V. | ​ | 940.0M | ​ | USD | ​ | Sep'19 | ​ | Sep'27 | ​ | 8.00 | % | ​ | 943,725 | ​ | 959,814
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Debentures | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ |  |  | ​ | ​ | ​ | ​
IHS Brasil - Cessão de Infraestruturas S.A. | ​ | 1.2B | ​ | BRL | ​ | Sep'23 | ​ | Aug'31 | ​ | 3.10 | % + CDI | ​ | 220,416 | ​ | 252,341
IHS Brasil - Cessão de Infraestruturas S.A. | ​ | 300.0M | ​ | BRL | ​ | Jun'24 | ​ | Jun'32 | ​ | 2.80 | % + CDI | ​ | 56,165 | ​ | —
I-Systems Soluções de Infraestrutura S.A. | ​ | 160.0M | ​ | BRL | ​ | Jun'24 | ​ | May'32 | ​ | 2.10 | % + CDI | ​ | 29,961 | ​ | —
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Bank term loans | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ |  |  | ​ | ​ | ​ | ​
IHS Côte d’Ivoire S.A. | ​ | 3.9B | ​ | XOF | ​ | Jun'22 | ​ | Jun'24 | ​ | 5.00 | % | ​ | — | ​ | 6,570
IHS Côte d’Ivoire S.A. | ​ | 4.6M | ​ | EUR | ​ | Jun'22 | ​ | Jun'24 | ​ | 3.00 | % + 3M EURIBOR | ​ | — | ​ | 4,841
IHS Côte d’Ivoire S.A. | ​ | 10.0B | ​ | XOF | ​ | Dec'23 | ​ | Dec'28 | ​ | 6.50 | % | ​ | 16,383 | ​ | —
IHS Côte d’Ivoire S.A. | ​ | 78.7M | ​ | EUR | ​ | Dec'23 | ​ | Dec'28 | ​ | 3.50 | % + 3M EURIBOR | ​ | 86,030 | ​ | —
IHS Holding Limited | ​ | 430.0M | ​ | USD | ​ | Oct'22 | ​ | Oct'25 | ​ | 3.75 | % + CAS + 3M SOFR | ​ | 432,838 | ​ | 370,935
IHS Holding Limited | ​ | 210.0M | ​ | USD | ​ | Mar'24 | ​ | Mar'26 | ​ | 4.50 | % + 3M SOFR | ​ | 206,298 | ​ | —
IHS Kuwait Limited | ​ | 16.9M | ​ | KWD | ​ | Apr'20 | ​ | Apr'29 | ​ | 2.00 | % + CBK Discount Rate | ​ | 56,070 | ​ | 61,354
IHS Towers South Africa Proprietary Limited | ​ | 3.4B | ​ | ZAR | ​ | May'22 | ​ | May'29 | ​ | 2.75 | % + 3M JIBAR | ​ | 194,546 | ​ | 185,404
IHS Zambia Limited | ​ | 66.5M | ​ | USD | ​ | Dec'20 | ​ | Dec'27 | ​ | 5.00 | % + CAS + 3M SOFR | ​ | 67,003 | ​ | 81,297
INT Towers Limited | ​ | 144.4B | ​ | NGN | ​ | Jan'23 | ​ | Jan'28 | ​ | 2.50 | % + MPR, 18 - 27% collar | ​ | 91,311 | ​ | 186,302
I-Systems Soluções de Infraestrutura S.A. | ​ | 400.0M | ​ | BRL | ​ | Oct'22 | ​ | Oct'30 | ​ | 2.45 | - 2.50% + CDI | ​ | 77,704 | ​ | 84,305
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Revolving credit facilities and overdrafts | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ |  |  | ​ | ​ | ​ | ​
IHS Holding Limited | ​ | 300.0M | ​ | USD | ​ | Mar'20 | ​ | Oct'26 | ​ | 3.00 | % + CAS + 3M SOFR | ​ | — | ​ | —
IHS Nigeria Limited | ​ | 51.0B | ​ | NGN | ​ | Jan'23 | ​ | Jan'26 | ​ | 2.50 | % + MPR, 18 - 27% collar | ​ | 31,885 | ​ | —
IHS Towers South Africa Proprietary Limited | ​ | 350.0M | ​ | ZAR | ​ | Oct'23 | ​ | Oct'24 | ​ | PRIME minus 0.25% | ​ | — | ​ | 675
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Letters of credit | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
IHS Nigeria | ​ | 356.5M | ​ | USD | ​ | Feb'22 | ​ | Dec'24 | ​ | 12.00 | - 15.75% | ​ | 7,623 | ​ | 319,454
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | 3,531,758 | ​ | 3,510,847
All Group borrowings (except letters of credit) contain customary information, customary affirmative and negative covenants, customary events of default and financial covenants (generally tested quarterly, with some exceptions). Mandatory cancellation and/or full or partial repayment may be required in certain circumstances. Loan facilities may also be voluntarily prepaid and/or cancelled by giving notice. Many of our borrowings are either guaranteed or secured. NOTES TO THE UNAUDITED CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS (CONTINUED) FINANCING ACTIVITIES AND LIQUIDITY FOR THE PERIOD JANUARY 1, 2024, TO SEPTEMBER 30, 2024 CIV (2023) Term Loan In February 2024, a first draw down of €56.1 million (approximately $62.6 million) and XOF 7,109.0 million (approximately $12.1 million) was made by IHS Côte d’Ivoire S.A. under the CIV (2023) Term Loan. These proceeds were applied towards, inter alia, the full prepayment of the entity’s pre-existing borrowings maturing in June 2024 and for general corporate purposes. In June 2024, the remaining €31.9 million (approximately $35.6 million) and XOF 4,042.3 million (approximately $6.9 million) were drawn down on this term loan. These proceeds were applied towards general corporate purposes. IHS Holding (2022) Bullet Term Loan Facility In March 2024, the available commitments under the Company’s October 2022 loan facility were voluntarily reduced by $70.0 million and the remaining available commitments of $60.0 million were drawn down in April 2024, with the proceeds were applied towards general corporate purposes, resulting in the facility being fully drawn at $430.0 million. IHS Holding (2024) Term Facility In March 2024, the Company entered into a $270.0 million loan agreement with Standard Chartered Bank (Singapore) Limited as the original lender. This facility is scheduled to terminate in March 2026 and is repayable in installments. The applicable interest rate per annum is Term SOFR, plus a margin ranging from 4.50% to 7.00% per annum over the duration of facility, based on the relevant margin step-up date. This facility was fully drawn in March 2024 and the majority of the proceeds have been applied toward the repayment of the Letter of Credit Facilities in Nigeria. IHS Brasil - Cessão de Infraestruturas S.A. and I-Systems Soluções de Infraestrutura S.A. 2024 Debentures In June 2024, IHS Brasil - Cessão de Infraestruturas S.A. and I-Systems Soluções de Infraestrutura S.A. issued debentures for BRL 300.0 million (approximately $55.2 million) and BRL 160.0 million (approximately $29.4 million), respectively. These debentures amortize, starting from July 2026 and November 2026, semi-annually until maturity in July 2032 and May 2032, respectively. Both debentures are secured by a pledge over the bank account where the companies’ receivables are deposited. In addition, the IHS Brasil - Cessão de Infraestruturas S.A. debentures are secured by a pledge over all shares owned by IHS Netherlands BR B.V. in IHS Brasil - Cessão de Infraestruturas S.A. The applicable interest rate on these debentures is CDI plus 2.80% and CDI plus 2.10%, respectively. The proceeds were applied towards general corporate purposes including working capital purposes. Nigeria (2023) Term Loan and Nigeria (2023) Revolving Credit Facility In August 2024, the cap of 24%, to which the floating interest rates per annum were subject in the NGN 165.0 billion (approximately $98.9 million) loan and the NGN 55.0 billion (approximately $33.0 million) facility, both entered into in January 2023, was amended to 27%.

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