Axian Telecom, a pan-African operator in telecommunications, mobile financial services, and digital infrastructure, says it has successfully priced its US$600 million Senior Notes maturing in 2030.
The bond offering, which priced last week, attracted strong interest from global investors. Initial price thoughts were released at 7.875% area, and the notes were ultimately priced with a coupon of 7.250% and a yield of 7.375%.
In the event, the bond was oversubscribed nearly three times despite what Axian describes as a ‘challenging global environment’, drawing interest from a wide range of top-tier institutional investors.
Proceeds from the issuance will be allocated toward the refinancing of Axian Telecom’s existing notes and term loan, as well as general corporate purposes, including expansion of Axian Telecom’s digital infrastructure, thereby reinforcing its commitment to sustainable growth and digital inclusion across its markets.
This transaction, says Axian, underscores the growing confidence in African issuers and highlights the company’s role in driving innovation and connectivity across the continent.
It’s been a busy year so far for Axian’s financing efforts – and, it seems, a successful one. In April we reported that the company was set to receive a financing package of US$100 million from the European Investment Bank (EIB Global) to help expand its mobile broadband infrastructure across Madagascar and Tanzania.
Before this, in January, the African Development Bank (AfDB) approved a US$160 million loan to Axian Telecom to support the operator’s plans to upgrade its nine subsidiaries in Africa and explore expansion into new markets.
Hassan Jaber, CEO, Axian Telecom, says of the bond offering: “This bond issuance is a testament to the strength of our diversified business model and the trust investors place in our long-term vision. It enables us to accelerate our mission of delivering inclusive digital transformation and connectivity across Africa.”
