4 December 2012
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Ecobank (Lome)

Ecobank Capital announces USD$ 202 million capital raising for IHS Holding

press release

To finance mobile network tower investments in Cameroon and Côte d'Ivoire.

Ecobank Capital, the investment banking division of the leading pan-African bank, Ecobank, announces it has successfully raised a USD$ 202 million syndicated credit facility ("facility") on behalf of IHS Holding Limited ("IHS"), Africa's largest independent mobile infrastructure provider.

The proceeds (equivalent in local currency – West (XOF) and Central African (XAF) CFA francs) will be put to use as part of IHS's acquisition of MTN Group Limited's 1,757 mobile network towers in Cameroon and Côte d'Ivoire along with the continuation of IHS's solar energy and build-to-suit programmes for other wireless operators.

Issam Darwish, CEO of IHS Holding, said:

"I wish to express my appreciation to Ecobank, the co-arrangers and participating banks. The facility was oversubscribed and securing this credit facility reaffirms our excellent reputation on the local and international credit markets. We are delighted the consortium shares our long-term vision of creating an indigenous force in mobile network infrastructure and collectively has the financial capacity to support our pan-African expansion."

Ehouman Kassi, Ecobank's Group Head of Investment Banking, said:

"This funding is in line with Ecobank's strategy of supporting our key clients in their pan-African development. This transaction reinforces the commitment of the arrangers and participating banks to ongoing financing of the mobile network infrastructure, which is crucial to the economic development and growth of the continent.

"Ecobank, the co-arrangers, BDEAC, Afriland First Bank and BGFI, and the participating banks, UBA, Orabank, BOA and BNI, are proud to be associated with IHS' continued growth story and committed to supporting its future development, together with such respected shareholders as Wendel, ECP, IFC, FMO and Investec."

Key Facility Highlights

The credit facility comprises two transactions, one in Cameroon and one in Côte d'Ivoire. Ecobank Capital acted as the Mandated Lead Arranger for both transactions.


The total facility is USD$ 102 million (XAF 52 billion), split into:

  •   USD$ 62 million (XAF 32 billion) 5-year tranche
  • USD$ 40 million (XAF 20 billion) 7-year tranche
  • BDEAC (Central African State Development Bank), Afriland First Bank and BGFI, the Franco-Gabonese bank acted as co-arrangers
  • Participating banks included UBA, Orabank, and Ecobank Group.
  • Côte d'Ivoire:

    The total facility is USD$ 100 million (XOF 50 billion), comprising:

  • A single, 5-year tranche
  • Participating banks included UBA, Orabank, Bank of Africa, Banque Nationale d'Investissement and Ecobank Group.
  • Notes to Editors

    About Ecobank Group

    Incorporated in Lomé, Togo, Ecobank Transnational Incorporated is the parent company of the leading independent pan-African banking group. It currently has a presence in 32 African countries, namely: Angola, Benin, Burkina Faso, Burundi, Cameroon, Cape Verde, Central African Republic, Chad, Congo (Brazzaville), Congo (Democratic Republic), Côte d'Ivoire, Gabon, Gambia, Ghana, Guinea, Guinea-Bissau, Kenya, Liberia, Malawi, Mali, Niger, Nigeria, Rwanda, Sao Tome and Principe, Senegal, Sierra Leone, South Africa, Tanzania, Togo, Uganda, Zambia, Zimbabwe.

    The Group is also represented in France through its affiliate EBI S.A. in Paris. ETI also has representative office in Dubai, United Arab Emirates and London, UK. ETI is listed on the stock exchanges in Lagos, Accra and the West African Economic and Monetary Union (UEMOA) – the BRVM in Abidjan. The Group has more than 600,000 local and international institutional and individual shareholders. The Group has 18,321 employees in 35 countries and 1,200 branches and offices.

    Ecobank is a full-service bank providing wholesale, retail, investment and transaction banking services and products to governments, financial institutions, multinationals, international organizations, medium, small and micro businesses and individuals. Additional information may be found at http://www.ecobank.com.

    About IHS

    IHS is a leading African telecommunications infrastructure provider headquartered in Nigeria. Founded in 2001, IHS provides services across the full tower value chain – managed services, deployment and site ownership.   IHS has operations in Nigeria, Ghana, Sudan and South Sudan and now in Cameroon and Côte d'Ivoire. In the past eleven years, IHS has built over 2,800 sites and, with this the MTN transaction, will increase its sites under management to over 5,500, of which 3,000 are owned. For more information visit: http://www.ihstowers.com.   

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