Helios Towers indirect wholly owned subsidiary the HTA Group has announced the successful $750-million pricing of its offering of 7% senior notes due 2025, guaranteed on a senior basis by the company and certain of its direct and indirect subsidiaries.

HTA will pay interest on the notes semi-yearly, starting this December, in arrears on each June 18 and December 18.

“We are incredibly pleased to announce the successful pricing of our bond offering today. Given that we are reopening the African corporate debt capital markets after the Covid-19 volatility, we initially envisaged a smaller new issuance of $425-million with a tender offer for up to $325-million of our outstanding existing 2022 senior notes. However, demand and pricing for the new senior notes offering was such that we upsized to a $750-million issuance and the full redemption of the existing 2022 senior notes,” explained Helios Towers CFO Tom Greenwood.

The proceeds will be used to redeem all of HTA Group’s outstanding senior notes due in 2022, repay the outstanding amount of $75-million under its $125-million term facility and pay certain fees and expenses in relation to the offering.

Any available excess funds will be used for general corporate purposes.

Meanwhile, HTA entered into a $135-million term facility, with a 5-year tenor, replacing the existing $125-million term facility, which will be cancelled upon completion of the offering.

The facility, which may increase in accordance with its terms up to an aggregate amount of $200-million, will unlock borrowing availability in dollars for general corporate purposes, including acquisitions.

HTA also entered into a revolving credit facility with a 4.5-year tenor for the purpose of financing or refinancing the general corporate and working capital needs of the company and certain of its subsidiaries.

“Commitments under the new revolving credit facility amount to $70-million and will replace the existing $60-million revolving credit facility, which will be cancelled upon completion of the offering,” the company said in an update to shareholders.