PAT’s N10 billion Infrastructure Bond Issuance Guaranteed By InfraCredit.

Share, like and Comment

Under the N50 billion Debt Issuance Programme, 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).

PAT Digital Infra Fund SPV Plc is a special purpose vehicle established by Pan African Towers Limited as part of its capital-raising strategy.

PAT is a digital telecommunications infrastructure firm and wireless service facilitator that provides mobile network operators and internet service providers with colocation and infrastructure sharing services.

Mr Wole Adeleke, Chairman of Pan African Towers Limited, stated in a statement, “PAT’s objective is to be Nigeria’s number one indigenous wholly-owned digital telecoms infrastructure and wireless service facilitator.”

“In the three years since we began operations, we have demonstrated the ability to achieve faster growth in the number of our rental assets, with solid top and bottom-line performance supported by long-term contracts with Nigeria’s leading market leaders in mobile telecommunications and internet service.” We are also thrilled that InfraCredit was able to provide full credit enhancement for this inaugural Bond Issuance program.

“We are extremely concerned about the environment, and a portion of the proceeds from the Bond Issue will be used to green our network of Build-to-Suite Towers in order to minimize carbon emissions; an ambition that is shared by our key customers.”

Chinua Azubike, Chief Executive Officer of InfraCredit, also commented in a statement: “We are pleased to have supported Pan African Towers, Nigeria’s fast-growing indigenous digital infrastructure service provider, in its 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 Nigeria’s National Development Plan’s goals to encourage private capital investments in digital infrastructure, which will accelerate job creation and local economic growth.”

“The need for digital connectivity is more important than ever before, as Nigeria accounts for over 27% of all internet usage in Africa, and much of this internet access is provided by telecommunication infrastructure service providers such as PAT.”

“This transaction exemplifies the critical role of municipal pension funds in allocating long-term domestic credit to the private sector for sustainable growth.” PAT’s amazing success over the last four years has been fueled by its cost-cutting leadership and service quality mindset.

“With over 1,000 long lease tenancy contracts from prominent telecommunications service providers, particularly tier-1 companies like MTN, Airtel, and 9mobile, PAT is the third largest and the only major local infrastructure service provider and wireless service facilitator in Nigeria.”


Share, like and Comment

Gbenga Elebiyo

Leave a Reply

Your email address will not be published.

Next Post

NIN Verification Service Down, NIMC Confirms

Wed Feb 9 , 2022
Share, like and CommentThe technical problem with the National Identity Management Commission’s (NIMC) National Identity Number (NIN) verification webpage has still to be rectified eight days after the terrible event. The Verification Service is temporarily unavailable, according to NIMC, due to maintenance by one of the commission’s network service providers. […]