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EAIF manager wins Credit Deal of the Year award for IHS Nigeria US$800 million bond issue

At an awards ceremony at London’s Savoy Hotel on 1st June, the Emerging Africa Infrastructure Fund (EAIF), shared in the congratulations when its manager, Investec Asset Management, won the Credit Deal of the Year award from Private Equity Africa. The award marks the successful US$800 million bond issue by IHS, one of Nigeria’s leading telecommunications businesses. EAIF invested US$50 million in the bond.

EAIF chairman, David White, says:
“This award is another feather in the cap of the team at Investec and at EAIF. This was a large bond issue for the Nigerian market and one of significant strategic importance. Accelerating the development of the country’s telecommunications infrastructure is central to stimulating the entire Nigerian economy. Every Nigerian stands to benefit from investment in digital infrastructure. We are pleased to have been involved in helping to strengthen the telecommunications sector and in boosting Nigeria’s ability to raise money on international capital markets.”
IHS will invest at least US$50 million of the proceeds of the bond in developing its infrastructure across Nigeria, where urbanisation, population increases and rapidly growing use of smartphones is straining capacity and forcing up demand. IHS is one of the largest telecommunications tower owners and operators in Africa and has towers in all 36 of Nigeria’s states, with the majority in densely populated areas.
Investec Asset Management also won Private Equity Africa’s 2017 Credit Investor of the Year award.