The thinking behind Helios Towers Nigeria’s successful bond issuance

An exclusive interview with HTN CFO Abulime Ehiagwina

Read this article to learn:

  • The criticality of the credit worthiness of tenants
  • HTN’s journey from a largely CDMA client base to an increasing focus on GSM players
  • Capital structure: bond issuance versus bank debt
  • Implications for the current round of sale and leasebacks in Nigeria

Towercos in other markets, notably Asia, have frequently utilised the bond market to raise substantial capital. Helios Towers Nigeria (HTN) recently completed the first bond issuance by an African towerco. The successful bond issuance was three times oversubscribed, reflecting growing investor confidence in the application of the independent towerco business model to Africa, and enthusiasm…

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