EAAIF anchors Africell’s debut issuance of $300m
The $300 million public bond issuance was oversubscribed with orders over $550 million.
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The Emerging Africa and Asia Infrastructure Fund (EAAIF), managed by Ninety One, has invested $28 million as the sole impact investor in mobile network operator Africell’s oversubscribed $300 million debut bond issuance. Initially committing $40 million, EAAIF reduced this to $28 million after book orders surpassed $550 million, allowing greater participation from private capital and a range of international investors.
The proceeds of the issuance will support capital expenditure growth across Africell’s subsidiaries in Angola, the Democratic Republic of Congo, The Gambia, and Sierra Leone.
Magase Mogale, Africell’s executive vice president said, “EAAIF was instrumental in the success of this process. Their support and involvement gave other investors confidence, resulting in our debut issuance being heavily oversubscribed. Launching the bond is a transformational moment for our company as we offer investors exposure in four dynamic African countries.”
Tidiane Doucoure, director for emerging market alternative credit at Ninety One said: “We are proud to have acted as anchor investor on the successful first bond issuance of Africell. At PIDG and Ninety One, we firmly believe in the development of capital markets and the mobilisation of private capital in low and middle income countries. That’s the only viable way the trillions of dollars currently available in developed markets will be channeled to support the much needed economic and social growth for the six billion people living in emerging markets. We are honoured by the trust of Africell, and our other partners, including the global banks that acted as bookrunners - JP Morgan, Citi, and Standard Bank.”
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