IHS : Earnings Release (IHS Holding Limited 4QFY24 Earnings Release )

Published: 2025-03-18 07:26:05 ET IHS

IHS HOLDING LIMITED REPORTS FOURTH QUARTER AND FULL YEAR 2024 FINANCIAL RESULTS

FULL YEAR 2024 FINANCIAL RESULTS AHEAD OF GUIDANCE

SIGNIFICANT PROGRESS MADE DELIVERING STRATEGIC REVIEW

London, United Kingdom, March 18, 2025. IHS Holding Limited (NYSE: IHS) ("IHS Towers" or the "Company"), one of the largest independent owners, operators, and developers of shared communications infrastructure in the world by tower count, today reported financial results for the fourth quarter and full year ended December 31, 2024.

CONSOLIDATED HIGHLIGHTS - FOURTH QUARTER AND FULL YEAR 2024

The table below sets forth the select financial results for the three months and twelve months ended December 31, 2024 and December 31, 2023:

Three months ended December 31,

Full year ended December 31,

2024

2023

Change

2024

2023

Change

$'million

Revenue

437.8

509.8

(14.1)

1,711.2

2,125.5

(19.5)

Adjusted EBITDA(1)

246.4

274.2

(10.1)

928.4

1,132.5

(18.0)

Income/(loss) for the period

243.1

(456.8)

153.2

(1,644.2)

(1,988.2)

17.3

Cash from operations

348.8

162.1

115.3

775.9

902.9

(14.1)

ALFCF(1)

107.1

118.2

(9.3)

304.2

432.8

(29.7)

FOURTH QUARTER 2024

Financial Highlights

Strategic and Operational Highlights

FULL YEAR 2024

Financial Highlights

Strategic and Operational Highlights

Sam Darwish, IHS Towers Chairman and Chief Executive Officer, stated, "We're reporting a strong performance in the fourth quarter, with our key metrics revenue, Adjusted EBITDA and ALFCF all ahead of our guidance, while Total Capex was below expectations, and we saw a drop in our consolidated net leverage ratio. We believe our positive momentum reflects both the continued strong secular trends we are seeing across our business, a more stable macroeconomic environment, as well as the significant commercial and financial progress we have made during 2024 as part of our ongoing strategic review. We have de-riskedour business through extending commercial contracts with Key Customers into the next decade, reduced our exposure to power prices, extended our debt maturities and completed some of our disposals target.

Looking to 2025 and beyond, we remain excited by the strong structural growth opportunities across our footprint. We believe we are well placed to leverage our market leading positions and support growing demand for our critical communications infrastructure, with growth underpinned by continued 5G deployment across our markets and an improving backdrop within our largest market Nigeria after recent carrier tariff rate increases. As we enter 2025, we remain focused on further enhancing our profitability and cash flow generation, as can be seen in our FY25 guidance, and are committed to further strengthening our balance sheet, supported by potential further select asset disposals, allowing us to deliver increasing returns for all our stakeholders."

Full Year 2025 Outlook Guidance

The following full year 2025 guidance is based on a number of assumptions that management believes to be reasonable and reflects the Company's expectations as of March 18, 2025. Actual results may differ materially from these estimates as a result of various factors, and the Company refers you to the cautionary language regarding "forward-looking" statements included in this press release when considering this information.

The Company's outlook is based on the following:

Metric

Current Range

Revenue

$1,680M-1,710M

Adjusted EBITDA (1)

$960M-980M

Adjusted Levered Free Cash Flow (1)

$350M-370M

Total Capex

$260M-290M

RESULTS OF OPERATIONS FOR THE FOURTH QUARTER AND FULL YEAR 2024

Impact of Nigerian Naira devaluation

Following the steps taken by the Central Bank of Nigeria, the Naira devalued between the period immediately prior to the announcement and the month end rate as of June 30, 2023. The Naira continued to devalue in the second half of 2023 and in January 2024, there was a further significant devaluation. During the second and third quarters of 2024, the Naira continued to devalue but at a significantly slower rate as compared to the first quarter of 2024. During the fourth quarter of 2024, this trend reversed resulting in an appreciation of the Naira closing rate at the end of the fourth quarter compared to the end of third quarter of 2024.

In November 2024, the Central Bank of Nigeria directed authorized dealers to use a new trading platform - Bloomberg BMatch as the Electronic Foreign Exchange Matching System ("EFEMS") for foreign exchange related activities. It is expected the platform would enhance the integrity and operational efficiency of the foreign exchange market by providing greater price discovery.

Set out below are the closing and average rates for the Naira currency relevant to these financial statements:

Closing Rate

3- Month

Average Rate

Movement (1)

Average Rate

Movement (1)

₦:$

$:₦

₦:$

$:₦

June 14, 2023

472.3

June 30, 2023

752.7

(37.3)%

508.0

September 30, 2023

775.6

(2.9)%

767.7

(33.8)%

December 31, 2023

911.7

(14.9)%

815.0

(5.8)%

March 31, 2024

1,393.5

(34.6)%

1,315.9

(38.1)%

June 30, 2024

1,514.3

(8.0)%

1,391.8

(5.4)%

September 30, 2024

1,669.1

(9.3)%

1,601.0

(13.1)%

December 31, 2024

1,546.0

8.0%

1,628.5

(1.7)%

Due to the Naira devaluation, Revenue and segment Adjusted EBITDA in the fourth quarter of 2024 were negatively impacted by $259.0 million and $155.2 million, respectively, compared to the same period in 2023. In the fourth quarter of 2024, the foreign exchange resets in some of our contracts partially offset these impacts. However, the appreciation of the Naira in the fourth quarter of 2024 resulted in unrealized foreign exchange gains of $166.9 million on USD denominated intercompany loans advanced to our Nigerian operations (partially offsetting the unrealized losses in the previous quarters of 2024). The unrealized gains and losses are recorded in finance costs, however Group net assets are not impacted since equal and opposite gains and losses are recorded in equity on the retranslation of the Nigerian operations' assets and liabilities (which include these loans). The assets included property, plant and equipment and the devaluation of the Naira from December 31, 2023 to December 31, 2024 resulted in a $261.5 million reduction in their carrying value.

Results for the three months ended December 31, 2024 versus 2023

Revenue

Revenue for the three months ended December 31, 2024 of $437.8 million declined 14.1% year-on-year, driven primarily by the devaluation of the Naira versus the U.S. dollar. Organic revenue(1) increased by $200.5 million (increased 39.3%) year-on-year during the fourth quarter driven primarily by foreign exchange resets, power indexation, escalations, and continued growth in revenues from Tenants, Lease Amendments and New Sites. This growth was partially offset by the initial impact of the new financial terms in the renewed and extended contracts with MTN Nigeria, signed during the third quarter of 2024. Aggregate inorganic revenue declined $1.7 million, which primarily related to the disposal of operations in Kuwait in December 2024. The increase in organic revenue was more than offset by the non-core impact of adverse movements in foreign exchange rates used to translate the results of foreign operations of $270.7 million, or 53.1%, of which $259.0 million was due to the devaluation of the Naira.

In December, 2024, the Company completed the disposal of its 70% interest in IHS Kuwait Limited, resulting in 12 fewer trading days for this operation in both the three month and full year periods ended December 31, 2024 when compared to the equivalent periods ended December 31, 2023. The revenue from the equivalent 12 day comparative period after December 19, 2023 is captured within inorganic revenue. Given the disposal date of December 19, 2024, as of December 31, 2024 the entire Tower portfolio, Tenants and Lease Amendments in Kuwait had been deconsolidated. Refer to note

31.2 in our Annual Report on Form 20-F for the fiscal year ended December 31, 2024 for further information on the disposal of the Kuwait business.

Refer to the revenue component of the segment results section of this discussion and analysis for further details.

For the fourth quarter, the net decrease in Towers was 846 year-on-year (or a net increase of 896 year-on-year when excluding the impact of the Kuwait and Peru disposals), resulting in total Towers of 39,229 at the end of the period. The

decrease primarily resulted from the divestiture of 1,678 Towers from Kuwait and 64 Towers from Peru. The addition of 929 New Sites, was partially offset by 250 Churned and 15 decommissioned. Tenants declined 384 year-on-year (including the net divestiture of 1,700 and 66 from Kuwait and Peru, respectively, and a reduction of 529 Tenants, in the third quarter of 2024, occupied by our smallest Key Customer on which we were not recognizing revenue), resulting in total Tenants of 59,343 and a Colocation Rate of 1.51x at the end of the fourth quarter. Excluding the impact of the Kuwait and Peru disposals, we added 1,382 net new tenants year-on-year. Year-on-year, we added 3,068 Lease Amendments, driven primarily by 5G and fiber upgrades, partially offset by the net divestiture of 272 from Kuwait, resulting in total Lease Amendments of 39,671 at the end of the fourth quarter.

Adjusted EBITDA

Adjusted EBITDA for the fourth quarter was $246.4 million, resulting in an Adjusted EBITDA margin of 56.3%. Adjusted EBITDA decreased 10.1% year-on-year in the fourth quarter reflecting the decrease in revenue described above, partially offset by a decrease in cost of sales included within Adjusted EBITDA. The reduction in cost of sales was primarily driven by a decrease in regulatory fees of $10.6 million, mostly relating to a non-recurring review of the current and historical license obligations in the SSA segment, and a decrease in power generation costs ($7.9 million), security services costs ($3.9 million), tower repairs and maintenance costs ($2.6 million), and staff costs ($1.9 million). The $4.0 million increase in other cost of sales was primarily driven by a non-recurring write-down of inventory in the period. The $21.5 million reduction in administrative costs included within Adjusted EBITDA was largely driven by a devaluation of the Naira against the U.S. dollar, supported by cost saving initiatives implemented during the period.

Income for the period

Income for the period in the fourth quarter of 2024 was $243.1 million, compared to a loss of $456.8 million for the fourth quarter of 2023. This equates to an increase of income of $699.9 million year-on-year, driven primarily by a $636.7 million decrease in net finance costs. The decrease in net finance costs was mainly due to the impact of the movement in the Naira rate in the respective quarters on USD denominated intercompany loans advanced to our Nigerian operations. In the fourth quarter of 2023, the Naira devaluation led to a foreign exchange loss, whereas in the current quarter the Naira appreciated giving rise to a gain. Further, the current quarter included a $83.9 million gain from the disposal of our Kuwait subsidiary. This was partially offset by the decrease in revenue as described above.

Cash from operations

Cash from operations for the fourth quarter of 2024 was $348.8 million, compared to $162.1 million for the fourth quarter of 2023. The increase reflects an improvement in working capital movements of $196.1 million (inclusive of a withholding tax receivable decrease of $20.8 million), partially offset by a decrease in operating income before working capital changes of $9.3 million.

ALFCF

ALFCF for the fourth quarter of 2024 was $107.1 million, compared to $118.2 million for the fourth quarter of 2023. The decrease in ALFCF was primarily due to the decrease in cash from operations before working capital movements of $9.3 million described above, an increase in net interest paid of $9.8 million, partially offset by a reduction in withholding tax of $6.7 million and maintenance and corporate capex of $2.6 million.

SEGMENT RESULTS

Revenue and Adjusted EBITDA by segment

Set out below are Revenue and Adjusted EBITDA for each of our reportable segments for the three months ended December 31, 2024 and 2023:

Revenue

Adjusted EBITDA

Three months ended December 31,

2024

2023

Change

2024

2023

Change

$'000

Nigeria

258,870

320,662

(19.3)

154,871

199,841

(22.5)

SSA

124,173

124,016

0.1

80,800

62,373

29.6

Latam

44,645

54,331

(17.8)

37,113

41,089

(9.7)

MENA

10,134

10,775

(5.9)

7,308

7,916

(7.7)

Unallocated corporate

expenses(1)

(33,720)

(37,037)

9.0

Total

437,822

509,784

(14.1)

246,372

274,182

(10.1)

Nigeria

Fourth quarter revenue decreased 19.3% year-on-year to $258.9 million, primarily driven by devaluation of the NGN versus the U.S. dollar. When compared to the third quarter of 2024, revenue increased 6.8%. Organic revenue increased by $197.2 million (61.5%) year-on-year driven primarily by foreign exchange resets and diesel prices, as well as continued growth in revenue from Colocation and Lease Amendments, partially offset by a reduction in revenues related to the new financial terms in the renewed contracts with MTN Nigeria, signed during the third quarter of 2024. The decrease in reported revenue was primarily driven by the impact of negative movements in foreign exchange rates used to translate the results of foreign operations, with an average Naira rate of ₦1,629 to $1.00 in the fourth quarter of 2024 compared to the average rate of ₦815 to $1.00 in the fourth quarter of 2023. This led to a non-core decline of $259.0 million, or 80.8% year-on-year.

Tenants decreased by 269 year-on-year, with growth of 528 from Colocation and 96 from New Sites, more than offset by 893 Churned (which includes, for the third quarter of 2024, 529 Tenants occupied by our smallest Key Customer on which we were not recognizing revenue), while Lease Amendments increased by 1,035 primarily due to 3G and fiber upgrades.

Segment Adjusted EBITDA for the fourth quarter declined 22.5% year-on-year to $154.9 million, for a margin of 59.8%. When compared to the third quarter of 2024, segment Adjusted EBITDA declined 2.5%. The year-on-year decline in segment Adjusted EBITDA for the fourth quarter primarily reflects the decrease in revenue described above, partially offset by a reduction in cost of sales and administrative expenses included within segment Adjusted EBITDA, primarily due to the devaluation of the Naira which is used to translate the results of our Nigeria operations. During the fourth quarter there was a decrease in costs of sales, including a reduction in the cost of diesel ($3.4 million), tower repairs and maintenance costs ($1.6 million), security services costs ($1.2 million) and staff costs ($1.7 million), even though the underlying Naira-based costs increased during the period. The $4.9 million increase in other cost of sales was primarily driven by a non-recurring write-down of inventory in the period.

SSA

Fourth quarter revenue was broadly flat year-on-year at $124.2 million, primarily driven by movements in organic revenue, which increased by $3.9 million, or 3.1%, due to factors including new Tenants, Colocations, Lease Amendments in addition to CPI escalators, offset by $4.5 million lower power pass-through revenues being recognized after the changes in our agreements with MTN South Africa relating to the provision of power Managed Services. These changes to power pass-

through revenue have no impact on segment Adjusted EBITDA. Other factors impacting organic revenue included growth in Tenants, New Sites and Lease Amendments, together with escalations and foreign exchange resets. The growth in organic revenue in the third quarter was offset by the non-core impact of negative movements in foreign exchange rates of $3.7 million, or 3.0%.

Tenants increased by 835 year-on-year, including 814 from Colocation and 127 from New Sites, partially offset by 106 from Churn, while Lease Amendments increased by 1,687.

Segment Adjusted EBITDA for the fourth quarter grew 29.6% year-on-year to $80.8 million, for a margin of 65.1%. The year-on-year increase in segment Adjusted EBITDA for the fourth quarter primarily reflects a decrease in cost of sales included within Adjusted EBITDA of $19.3 million, driven by reduced regulatory fees ($11.0 million) primarily relating to a non-recurring review of the current and historical license obligations, and reduced tower repairs and maintenance costs ($1.5 million), security services costs ($3.0 million) and power generation costs ($4.1 million) driven by the changes in our agreements with MTN South Africa described above.

Latam

Fourth quarter revenue decreased 17.8% year-on-year to $44.6 million and was primarily driven by the non-core impact of adverse movements in foreign exchange rates of $8.0 million, or 14.7%. Organic revenue declined 2.7% in the quarter, or $1.5 million, driven by a reduction in revenues from our customer Oi S.A. ("Oi Brazil") of $3.8 million as a result of their judicial recovery proceedings, partially offset by continued growth in Tenants, Lease Amendments and New Sites.

Tenants increased by 746 year-on-year, including 697 from New Sites and 309 from Colocation, partially offset by 194 Churned and net divestiture of 66, due to the disposal of our Peru operations, while Lease Amendments increased by 346.

Fourth quarter segment Adjusted EBITDA declined 9.7% to $37.1 million, for a margin of 83.1%, and primarily reflects the decrease in revenue described above, partially offset by a reduction in staff cost of sales ($0.4 million) and site rental costs ($1.2 million).

MENA

On December 19, 2024, the Company completed the disposal of its 70% interest in IHS Kuwait Limited, resulting in 12 fewer trading days for this operation, equating to a reduction to revenue of $1.5 million, in both the three month and full year periods ended December 31, 2024 when compared to the equivalent periods ended December 31, 2023. The revenue from the equivalent 12 day comparative period after December 19, 2023 is captured within inorganic revenue. Given the disposal date of December 19, 2024, as of December 31, 2024 the entire Tower portfolio, Tenants and Lease Amendments had been deconsolidated. Refer to note 31.2 in our Annual Report on Form 20-Ffor the fiscal year ended December 31, 2024 for further information on the disposal of the Kuwait business.

Fourth quarter revenue decreased 5.9% year-on-year to $10.1 million which included the impact of 12 fewer days of IHS Kuwait results following the sale of this operation to Zain Kuwait on December 19, 2024 more than offsetting growth primarily by New Sites, Lease Amendments and escalations. Revenues declined inorganically in the period by $1.5 million, or 13.9%, reflecting the disposal of this operation to Zain Kuwait described above.

Prior to the disposal in December 2024, Tenants increased by 4 for the year, including 9 from New Sites, partially offset by 5 Churned sites, while Lease Amendments increased by 272, resulting in 1,678 Towers, 1,700 Tenants and 272 Lease Amendments. Following completion of the Kuwait Dispoal and as of December 31, 2024 these Tower, Tenants and Lease Amendments had been deconsolidated.

Segment Adjusted EBITDA was $7.3 million for the fourth quarter, a decrease of 7.7% year-on-year. The decrease in segment Adjusted EBITDA primarily reflects the decrease in revenue described above, with year-on-year growth impacted by 12 fewer days of IHS Kuwait results following the sale of this operation to Zain Kuwait on December 19, 2024.

CAPITAL EXPENDITURE

Set out below is the capital expenditure for the three months ended December 31, 2024 and 2023 for each of our reporting segments:

Three months ended December 31,

2024

2023

Change

$'000

Nigeria

33,719

66,703

(32,984)

(49.4)

SSA

17,070

11,348

5,722

50.4

Latam

30,951

50,809

(19,858)

(39.1)

MENA

179

1,276

(1,097)

(86.0)

Other

682

492

190

38.6

Total capital expenditure

82,601

130,628

(48,027)

(36.8)

During the fourth quarter of 2024, capital expenditure was $82.6 million, compared to $130.6 million for the fourth quarter of 2023. The decrease is primarily driven by lower capital expenditure across our Nigeria and Latam segments reflecting the actions we are taking to improve cash generation and to narrow our focus on capital allocation.

Nigeria

The 49.4% year-on-year decrease for the fourth quarter was primarily driven by decreases of $17.1 million related to Project Green given the investment planned for this project is now largely complete, $5.1 million related to augmentation, $3.2 million related to maintenance and $8.0 million related to other capital expenditure.

SSA

The 50.4% year-on-year increase for the fourth quarter was primarily driven by increases in maintenance ($2.9 million), refurbishment ($2.2 million), and augmentation ($1.8 million), partially offset by a $2.4 million decrease related to New Sites.

Latam

The 39.1% year-on-year decrease for the fourth quarter was primarily driven by decreases related to New Sites ($9.4 million), fiber business ($5.8 million), maintenance ($2.0 million) and other capital expenditure ($3.7 million).

MENA

The 86.0% year-on-year decrease for the fourth quarter was primarily due to a decrease related to New Sites ($0.6 million) and refurbishment ($0.1 million).

Results for the full ended December 31, 2024 versus 2023

Revenue

Revenue for the full year ended December 31, 2024 of $1,711.2 million declined 19.5% year-on-year driven primarily by the devaluation of the NGN versus the U.S. dollar. Organic revenue(1) increased by $1,021.7 million (increased 48.1%) year-on-year driven primarily by foreign exchange resets, power indexation, escalations, and continued growth in revenues from Tenants, Lease Amendments and New Sites. This growth was partially offset by the initial impact of the new financial

terms in the renewed and extended contracts with MTN Nigeria, signed during the third quarter of 2024. Aggregate inorganic revenue declined $0.4 million, which related to the sixth stage of the Kuwait Acquisition, offset by the disposal of operations in Kuwait in December 2024 and Peru in April 2024. The increase in organic revenue was more than offset by the non-core impact of adverse movements in foreign exchange rates used to translate the results of foreign operations of $1,435.6 million, or 67.5%, of which $1,394.0 million was due to the devaluation of the NGN.

Refer to the revenue component of the segment results section of this discussion and analysis for further details.

Adjusted EBITDA

Adjusted EBITDA was $928.4 million in the full year ended December 31, 2024, resulting in an Adjusted EBITDA margin of 54.3%. Adjusted EBITDA decreased 18.0% year-on-year reflecting the decrease in revenue described above, partially offset by a decrease in cost of sales, largely driven by the devaluation of the Naira versus the U.S. dollar. The reduction in cost of sales was primarily due to a decrease in tower repairs and maintenance costs ($42.9 million), power generation costs ($47.9 million), security services costs ($24.5 million), regulatory fees ($29.4 million) and staff costs ($8.7 million). The $59.1 million reduction in administrative costs included within Adjusted EBITDA was primarily driven by the devaluation of the Naira against the U.S. dollar, supported by cost saving initiatives implemented during the period.

Loss for the year

The year-on-year decrease in the loss for the year of $344.0 million is primarily driven by lower net financing costs of $321.9 million, as a result of a decrease in the unrealized net foreign exchange losses arising from financing linked to lower level of Naira devaluation year-on-year. This decrease is coupled with a net gain of $83.9 million from the Kuwait Disposal. In addition, there was reductions in impairment of property, plant and equipment, intangible assets excluding goodwill and related prepaid land rent of $72.9 million, primarily driven by power equipment assets in our SSA segment being classified as assets held for sale and remeasured at fair value less cost to sell in the third quarter of 2023, as well as decreases in in depreciation ($69.2 million), power generation ($47.9 million), net impairment of withholding tax receivables ($46.9 million), tower repairs and maintenance ($42.9 million), regulatory fees ($29.4 million), and security services ($24.5 million). This was partially offset by an impairment of goodwill of $87.9 million related to the IHS Latam tower business which was recognized in the first quarter of 2024 and a decrease in revenue as described above.

Cash from operations

Cash from operations for the full year ended 2024 was $775.9 million, compared to $902.9 million for the full year ended 2023. The decrease reflects a decrease in operating income before working capital changes of $193.4 million, partially offset by an improvement in working capital movements of $66.3 million (inclusive of a withholding tax receivable decrease of $85.1 million).

ALFCF

ALFCF for the full year ended 2024 was $304.2 million, compared to $432.8 million for the full year ended 2023. The decrease in ALFCF was primarily due to the decrease in cash from operations before working capital movements of $193.4 million described above, an increase in net interest paid of $43.1 million, partially offset by a reduction in withholding tax of $32.5 million and maintenance and corporate capex of $69.6 million.

Project Green, which began in October 2022, resulted in annualized ALFCF savings of approximately $49 million (vs guidance of $51 million) for the full year ended 2024.

FINANCING ACTIVITIES DURING THE THREE MONTHS ENDED DECEMBER 31, 2024

Below is a summary of key facilities we have entered into, repaid or amended during the fourth quarter of 2024. Approximate U.S. dollar equivalent values for non-USD denominated facilities stated below are translated from the currency of the debt at the relevant exchange rates on December 31, 2024.

IHS Holding 2021 Notes Issuance

In November 2024, the 2026 Notes were partially redeemed, in an aggregate principal amount outstanding of $300.0 million following the issuance of the IHS Holding 2030/31 Notes and as of December 31, 2024, the aggregate principal amount outstanding on the IHS Holding 2026/28 Notes is $700.0 million.

IHS Holding (2022) Bullet Term Loan

In October 2024, the drawn amount of $430.0 million was fully prepaid using the proceeds received from the IHS Holding 2024 Dual-Tranche Term Loan.

IHS Holding (2024) Term Loan

In November 2024, the IHS Holding 2024 Term Loan was fully prepaid using the proceeds received from the IHS Holding 2030/31 Notes.

IHS Holding 2024 Dual-Tranche Term Loan

In October 2024, IHS Holding Limited entered into and drew down on a dual-tranche $255.0 million and ZAR 3,246.0 million loan agreement (together totaling approximately $427.6 million equivalent at December 31, 2024 exchange rates). This syndicated facility is scheduled to terminate in October 2029. The majority of the proceeds were applied toward the repayment of the IHS Holding (2022) Bullet Term Loan and general corporate purposes.

As of December 31, 2024, $427.6 million equivalent of the IHS Holding 2024 Dual-Tranche Term Loan was drawn down.

IHS Holding 2024 Notes Issuance

In November 2024, IHS Holding Limited issued $550.0 million 7.875% Senior Notes due 2030 (the "2030 Notes") and $650.0 million 8.250% Senior Notes due 2031 (the "2031 Notes", and together with the 2030 Notes, the "IHS Holding 2030/31 Notes"), guaranteed by IHS Netherlands Holdco B.V., IHS Netherlands NG1 B.V., IHS Netherlands NG2 B.V., Nigeria Tower Interco B.V., IHS Nigeria Limited, IHS Towers NG Limited, INT Towers Limited and INT Towers NG Finco 1 Plc.

The proceeds of the issuance of the IHS Holding 2030/31 Notes were used to partially redeem the principal amount of the 2026 Notes and 2027 Notes and fully prepay the IHS Holding (2024) Term Loan (including accrued and unpaid interest), fees and expenses related to the offering of the notes, and for general corporate purposes. The IHS Holding 2030/31 Notes pay interest semi-annually in arrear and the principal is repayable in full on maturity.

As of December 31, 2024, the aggregate principal amount outstanding of the IHS Holding 2030/31 Notes was $1,200.0 million.

IHS Netherlands Holdco B.V. Notes

In November 2024 and December 2024, the 2027 Notes were partially redeemed, in an aggregate principal amount outstanding of $654.0 million following the issuance of the IHS Holding 2030/31 Notes and as of December 31, 2024, the aggregate principal amount outstanding on the 2027 Notes was $286.0 million.

Disclaimer

IHS Holding Ltd. published this content on March 18, 2025, and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on March 18, 2025 at 11:25:09.734.