Latham & Watkins Advises Axian Telecom on Debut US$420 Million Notes Offering and US$42 Million Revolving Credit Facility

Latham & Watkins has advised Axian Telecom, a leading pan-African telecommunications services provider, on its successful debut offering of US$420 million 7.375% Senior Notes due 2027 (the Offering). In conjunction with the Offering, Axian Telecom entered into a US$42 million revolving credit facility with a syndicate of banks.

The Offering attracted strong investor demand and was supported by anchor orders from development finance institutions CDC Group, DEG, International Finance Corporation (IFC), and the Emerging Africa Infrastructure Fund (EAIF). The proceeds of the Offering will be used to finance Axian Telecom’s acquisition of MIC Tanzania PLC, Tanzania’s second largest mobile operator, to repay certain existing indebtedness, and for general corporate purposes.

J.P. Morgan, Société Générale, and Standard Bank acted as initial purchasers with respect to the Offering and as mandated lead arrangers and lenders with respect to the revolving credit facility. The Notes were rated B+ by each of S&P and Fitch and were listed on The International Stock Exchange.

The Latham capital markets team was led by Dubai partner Nomaan Raja with counsel Basil Al-Jafari, associate Ross Whibley, and London associate Hayden Putre. The finance team was led by Dubai partner Christian Adams, with associate Anna Borsuk. Advice was also provided on tax matters by New York partner Bora Bozkurt and associate Ron Moore.