Helios Towers PLC - mobile phone towers in Africa - Intends to raise USD100 million through placing, for which the size and price per share will be determined at the close of the bookbuild.
Also wishes to raise capital through PrimaryBid retail offer, to be conducted at the same price as the placing.
In addition, subsidiary HTA Group Ltd will launch a tap issue of existing senior unsecured convertible bonds due 2027, to raise up to USD50 million.
Proceeds from the capital raise will go towards strengthening its balance sheet, to fund the inorganic part of Helios's growth strategy, including the acquisition of asset from Airtel Africa PLC and Oman Telecommunications Co, as well as future acquisition plans.
Merrill Lynch International, Citigroup Global Markets Ltd and Jefferies International Ltd are acting as joint global coordinators for the capital raise, while Numis Securities Ltd as acting as joint bookrunner.
"It has been a transformational start to 2021 for the company. We signed acquisition agreements that upon closing, increase our operational presence to 11 markets and bring our site count close to 15,000 towers, including the build-to-suit commitments from customers," said Chief Executive Officer Kash Pandya.
"Through these acquisitions, Helios Towers will become the most geographically diversified tower company in Africa and the Middle East and deliver on our five-year targets of 12,000+ towers and 8+ markets, well ahead of plan," Pandya added.
Current stock price: 172.00 pence
Year-to-date change: up 12%
By Dayo Laniyan; dayolaniyan@alliancenews.com
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Airtel Africa (AAF)
Helios Towers (HTWS)