Borrowings (Tables)
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12 Months Ended |
Dec. 31, 2023 |
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| Borrowings. |
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| Schedule of external debt classification |
| | | | | | | 2023 | | 2022 | | | $’000 | | $'000 | Non-current | | | | | Senior Notes | | 1,930,457 | | 1,920,783 | Bank borrowings | | 1,126,239 | | 985,505 | | | 3,056,696 | | 2,906,288 | | | | | | Current | | | | | Senior Notes | | 26,912 | | 27,060 | Bank borrowings | | 107,110 | | 213,576 | Bank overdraft | | 675 | | — | Letters of credit | | 319,454 | | 197,478 | | | 454,151 | | 438,114 | | | | | | Total borrowings | | 3,510,847 | | 3,344,402 |
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| Schedule of reconciliation of debt |
| | | | | | | | | 2023 | | 2022 | | 2021 | | | $’000 | | $’000 | | $’000 | | | | | | | | Opening balance – January 1 | | 3,344,402 | | 2,609,090 | | 2,203,209 | Additions through business combination | | — | | — | | 6,457 | Interest expense (note 11) | | 362,381 | | 256,208 | | 174,876 | Interest paid | | (299,029) | | (234,567) | | (168,285) | Bank loans and bond proceeds received (net of transaction costs) | | 985,992 | | 1,263,272 | | 1,076,063 | Bank loans and bonds repaid | | (689,940) | | (506,504) | | (653,504) | Bank overdraft | | 612 | | — | | 3,208 | Other transaction costs | | (19,441) | | (19,911) | | (38,597) | Foreign exchange and other movements | | (174,130) | | (23,186) | | 5,663 | Closing balance – December 31 | | 3,510,847 | | 3,344,402 | | 2,609,090 |
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| Schedule of debt by debt instrument |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | 2023 | | 2022 | | | Currency | | Maturity date | | Interest rate | | $’000 | | $’000 | Senior Notes | | | | | | | | | | | | | | | | IHS Holding Limited | | US Dollar | | | | 2026 | | | | 5.63 | % | | 498,920 | | 497,861 | IHS Holding Limited | | US Dollar | | | | 2028 | | | | 6.25 | % | | 498,635 | | 497,979 | IHS Netherlands Holdco B.V. | | US Dollar | | | | 2027 | | | | 8.00 | % | | 959,814 | | 952,003 | | | | | | | | | | | | | | | | | Bank borrowings | | | | | | | | | | | | | | | | IHS Holding Term Loan | | US Dollar | | | | 2025 | | | | 3.75 | % + CAS + 3M SOFR | | 370,935 | | 368,630 | IHS (Nigeria) Limited | | Nigerian Naira | | | | 2023 | | | | 12.50 | - 18.00% | | — | | 57,448 | INT Towers Ltd | | Nigerian Naira | | | | 2024 | | | | 2.50 | % + 3M NIBOR | | — | | 191,188 | INT Towers Ltd | | Nigerian Naira | | | | 2028 | | | | 20.00 | % | | 186,302 | | — | IHS Côte d'Ivoire Ltd | | CFA Franc | | | | 2024 | | | | 5.00 | % | | 6,570 | | 18,854 | IHS Côte d'Ivoire Ltd | | Euro | | | | 2024 | | | | 3.00 | % + 3M EURIBOR | | 4,841 | | 14,217 | IHS Zambia Ltd | | US Dollar | | | | 2027 | | | | 5.00 | % + CAS + 3M SOFR | | 81,297 | | 94,596 | IHS Brasil - Cessão de Infraestruturas S.A. | | Brazilian Real | | | | 2031 | | | | 3.10 | % + CDI | | 252,341 | | — | IHS Brasil - Cessão de Infraestruturas S.A. | | Brazilian Real | | | | 2029 | | | | 3.65 | % + CDI | | — | | 68,591 | IHS Brasil - Cessão de Infraestruturas S.A. | | Brazilian Real | | | | 2028 | | | | 3.05 | % + CDI | | — | | 82,928 | I-Systems Soluções de Infraestrutura S.A. | | Brazilian Real | | | | 2030 | | | | 2.45 | - 2.50% + CDI | | 84,305 | | 38,542 | IHS Kuwait Limited | | Kuwait Dinar | | | | 2029 | | | | 2.00 | % + 3M KIBOR | | 61,354 | | 66,251 | IHS Towers South Africa Proprietary Limited | | South African Rand | | | | 2029 | | | | 2.75 | % + 3M JIBAR | | 185,404 | | 197,836 | | | | | | | | | | | | | | | | | Bank overdraft | | | | | | | | | | | | | | | | IHS Towers South Africa Proprietary Limited | | South African Rand | | | | 2024 | | | | 11.50 | % | | 675 | | — | | | | | | | | | | | | | | | | | Letters of credit | | | | | | | | | | | | | | | | IHS (Nigeria) Limited | | US Dollar | | | | 2024 | | | | 12.00 | - 15.55% | | 98,918 | | 66,047 | INT Towers Ltd | | US Dollar | | | | 2024 | | | | 12.00 | - 15.75% | | 219,418 | | 128,063 | ITNG Limited | | US Dollar | | | | 2024 | | | | 15.49 | % | | 23 | | 987 | Global Independent Connect Limited | | US Dollar | | | | 2024 | | | | 13.25 | - 15.49% | | 1,095 | | 1,330 | Global Independent Connect Limited | | Chinese Yuan | | | | 2023 | | | | 12.05 | % | | — | | 1,051 | | | | | | | | | | | | | | 3,510,847 | | 3,344,402 |
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