Private Infrastructure Development Group (PIDG) company, the Emerging Africa & Asia Infrastructure Fund (EAAIF), managed by Ninety One, acted as a coanchor investor, alongside IFC and Proparco, in IHS Holding’s $1.2-billion issuance to support digital connectivity in Africa.

The bond was oversubscribed in excess of $2.3-billion, and upsized to $1.2-billion, enabling increased participation from private investors.

The proceeds of the bond will refinance existing debt of the emerging market-focused communications infrastructure company and support organic growth in its African subsidiaries including Cameroon, Côte d’Ivoire, Nigeria, Rwanda, South Africa and Zambia.

“We are delighted to continue to support IHS Towers as it expands operations across the continent, extending access to transformative digital services that will shape Africa’s Fourth Industrial Revolution,” said EAAIF fund manager Ninety One investment specialist Folatomi Fayemi.

Private debt is increasingly being mobilised to address Africa’s infrastructure financing gap, with corporate bonds gaining traction as innovative solutions to attract local and global investors.

“Over the past eight years, EAAIF has led the development of corporate debt to support this critical sector. We will continue to serve as a pioneer in the space, overcoming funding challenges to provide innovative solutions that engineer growth in ambitious companies.”

EAAIF anchored IHS Towers’ maiden bond in 2016, and since then, EAAIF has committed over $283-million to bond issuances by African telecommunications and digital infrastructure providers, including IHS Towers, Africell, Sonatel, Axian, Liquid Telecoms and Helios Towers, contributing to more than $5.6-billion raised in total.

“EAAIF’s commitment to deepening Africa’s capital markets helps overcome funding challenges in emerging markets and reinforces the PIDG strategy to deploy innovative infrastructure that accelerates Africa’s economic transformation.”