South African telecoms tower company raises funding
Infra Impact Investment Managers announced that it has helped its portfolio company, Eagle Towers, secure a ZAR 100 million (about $5.5 million) senior secured loan facility to support its growth and expansion plans. The senior secured loan facility was provided by Prescient Investment Management’s, Prescient Infrastructure Debt Fund.
Eagle Towers has been constructing, operating and maintaining telecommunications towers across South Africa, especially in rural areas.
Commenting on the funding round, Morné Edas, founder and co-managing partner of Infra Impact said, “We are delighted to have played a significant role in supporting Eagle Towers as they look to expand and grow their business. The successful funding round is a testament to the hard work and dedication of the respective teams, and we look forward to continuing our partnership to drive value for all stakeholders.”
The Infra Impact Mid-Market Infrastructure Fund 1 provides growth capital for South African focused infrastructure businesses, which own real assets that provide essential services and that have value creation potential. The fund is deploying capital in line with the teams historically successful mid-market, value-add infrastructure strategy in the water, waste, energy, telecommunications, and related sectors.
Conway Williams, head of credit at Prescient Investment Management, also expressed enthusiasm for the partnership, noting that the loan facility will help drive increased telecommunication coverage and reduce the cost of such access, in South Africa.