Results of capped tender offer
HELIOS TOWERS plc
Results of capped tender offer
London, 16 October 2023: Helios Towers plc ("Helios Towers", "the Group" or "the Company"), the independent telecommunications infrastructure company, is pleased to announce that US$325m aggregate principal of the Group's US$975m 7.000% Senior Notes have been tendered and accepted. As previously announced, the tender offer will be funded through proceeds from the new up to US$720m loan and credit facilities raised in September 2023. The undrawn amounts of the loan facilities remain available for future refinancing or general corporate purposes.
Key highlights of the transaction:
· Extends the Company's weighted average remaining debt maturity by almost one year1.
· Neutral impact to gross and net leverage.
· Group cost of debt1 increases marginally from 6.7% to 7.1%, despite a rising rate environment, reflecting the improved diversification and scale of the business.
· Following the capped tender offer the Group will continue to have over US$400m of undrawn debt facilities.
Tom Greenwood, Chief Executive Officer, commented:
"We are pleased to proactively manage our balance sheet through a partial tender offer of our 2025 Senior Notes. Alongside extending our maturities, our cost of debt has remained largely unchanged, despite the rising rate environment. This is a reflection of our improved credit profile, achieved through geographic expansion, improved hard-currency earnings, increased scale and strong conviction in the business by our key banks. We look forward to discussing this transaction, alongside our Q3 performance during our results call on 2 November 2023."
1 Calculated on a weighted basis using reported drawn debt as of Q2 2023, pro forma for the transaction.
Investor Relations
Chris Baker-Sams - Head of Strategic Finance and Investor Relations
investorrelations@heliostowers.com
+44 (0)782 511 2288
Media relations
Edward Bridges / Stephanie Ellis - FTI Consulting LLP
+44 (0)20 3727 1000
About Helios Towers
· Helios Towers is a leading independent telecommunications infrastructure company, having established one of the most extensive tower portfolios across Africa and the Middle East. It builds, owns and operates telecom passive infrastructure, providing services to mobile network operators.
· Helios Towers owns and operates over 13,800 telecommunication tower sites in nine countries across Africa and the Middle East.
· Helios Towers pioneered the model in Africa of buying towers that were held by single operators and providing services utilising the tower infrastructure to the seller and other operators. This allows wireless operators to outsource non-core tower-related activities, enabling them to focus their capital and managerial resources on providing higher quality services more cost-effectively.
For more information about Helios Towers, please visit: https://www.heliostowers.com/investors/
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