Africa-focused Axian Telecom plans $420 million five-year notes to yield in 7 5/8% area

By Rebecca Melvin

Concord, N.H., Feb. 8 – Axian Telecom was talking a $420 million offering of five-year notes (expected ratings: B+/B+) to yield in the area of 7 5/8%, according to a market source on Wednesday.

Initial guarantors of the notes are Telma, Honora Holdings, TowerCo of Africa, TowerCo of Madagascar, Silver Links, Stellar-IX Data Centers, Axian Financial Services, Discovery Place, Meta Market and Axian Support Services. MIC Tanzania is an additional guarantor.

Pricing of the notes, which are non-callable for two years, was tightened from initial talk for a high 7% area yield.

Orders for the deal were in excess of $675 million ahead of the U.S. market open.

JPMorgan, Societe Generale and Standard Bank are global coordinators and joint bookrunners of the Rule 144A and Regulation S deal. JPMorgan is also acting as development finance structuring agent for the offering.

Proceeds are earmarked to fund the purchase price for an acquisition by Honora Holdings of 98.5% of the shares of MIC Tanzania, repayment of certain existing group debt, as well as general corporate purposes.

Axian is a pan-African group that operates in real estate, telecom, finance, energy, open innovation and financial technology. It is based in Madagascar.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.