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Borrowings

9 Months Ended

Sep. 30, 2024

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

amount

Currency

date

Interest rate

amount

$’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%.