ICBC contributes $112.5 million to $500 million syndicated loan for Nigeria Telecom Tower Project

In 2014, Nigeria IHS Limited signed a $500 million syndicated loan agreement with International Finance Corporation (IFC), Industrial & Commercial Bank of China (ICBC), Managed Co-Lending Portfolio Programme (MCPP), Stanbic IBTC Bank Plc., Standard Chartered Bank (SCB), Investec Asset Management (PTY) Limited, and Ecobank Nigeria Limited. This loan carried an interest rate between 7.0% to LIBOR plus a 7.5% margin. World Bank’s International Finance Corporation (IFC) contributed $50 million to the lending syndicate. ICBC contributed $112.5 million to the lending syndicate. MCPP contributed $37.5 million to the lending syndicate. On October 27, 2016, this loan was repaid in full. IHS Nigeria Limited used the proceeds from this loan to acquire approximately 2,200 tower sites from Etisalat Nigeria and construct additional Build-to-Suit towers. The expansion was undertaken to improve network congestion, reduce operating costs, and increase service coverage for the mobile operators. IHS Nigeria Limited is headquartered in Lagos and is a full service telecoms infrastructure company, providing collocation, management, and build-to-suit services to Mobile Network Operators and other broadband service providers. The business was founded in 2001.

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5

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8