Kayode Tokede
InfraCredit has announced that it will guarantee Pan African Towers (PAT) Digital Infra Fund SPV Plc’s N10 billion 10-Year Series I Senior Guaranteed Fixed Rate Infrastructure Bonds Due 2032 (PATSeries IBonds) under the N50 billion Debt Issuance Programme.
PAT Digital Infra Fund SPV Plc is a special purpose-funding vehicle established by Pan African Towers Limited as part of the company’s capital-raising plan.
PAT is a digital telecommunications infrastructure company and wireless service facilitator, offering colocation and infrastructure sharing services to mobile network operators and internet service providers.
In a statement, the Chairman of Pan African Towers Limited, Mr. Wole Adeleke said: “PAT’s ambition is to be the number 1 indigenous wholly-owned digital telecommunications infrastructure and wireless service facilitator in Nigeria.
“In the last 3 years that we commenced business, we have demonstrated capacity to achieve faster growth in the number of our rental assets, with solid top and bottom-line performance supported by long-term contracts with leading market leaders in mobile telecommunication and internet service in Nigeria. And we are pleased that InfraCredit was able to provide full credit enhancement for this debut Bond Issuance programme.
“We are very passionate about the environment and part of the proceeds from the Bond Issue will be utilized to green our network of Build-to-Suite Towers to reduce carbon emission; an objective that aligns with that of our major customers.”
Commenting also, the Chief Executive Officer of InfraCredit, Chinua Azubike in a statement said: “We are pleased to have supported Pan African Towers, Nigeria’s fast growing indigenous digital infrastructure service provider’s first naira issuance in the local debt capital markets for expansion and growth that will also reduce its carbon emissions.
“We are also proud to support the ambitions of Nigeria’s National Development Plan to facilitate the formation of private capital investments in digital infrastructure that will accelerate job creation and local economic growth. The need for digital connectivity is more essential than ever as Nigeria accounts for over 27per cent of all internet usage in Africa, and much of this internet access are powered by telecommunication infrastructure service providers like PAT.
“This transaction strongly demonstrates the especially important role of the local pension funds in the allocation of long-term domestic credit to the private sector for sustainable development. PAT’s remarkable growth over the past four years of operation has been underpinned by its cost efficiency leadership and service quality philosophy. With over 1,000 long lease tenancy contracts fromleading telecommunications service providers, especially tier-1 players like MTN, Airtel and 9mobile, PAT is the third largest and the only major local infrastructure service provider and wireless service facilitator in the Nigerian telecommunications subsector.”
