logo
Plus   Neg
Share
Email

HTN Towers Plans To Float On LSE - Quick Facts

HTN Towers plc, an independent telecoms tower operator in Nigeria, announced its intention to proceed with an initial public offering. The Company intends to target a total free float of 50-60%.

It is intended that an over-allotment option of up to 15% of the total offer size will be made available.

Final pricing and the commencement of conditional and unconditional dealings in the Ordinary Shares on the London Stock Exchange is expected to be in early November 2015.

The company intends to raise proceeds to fund capital expenditures related to the Group's growth strategy of approximately US$125 million including: Approximately US$80 million to fund construction of hybrid and solar equipped new build-to-suit towers; Approximately US$13 million to fund the deployment of hybrid and solar technology on additional sites; approximately US$12 million to fund upfront investments in the towers managed under the SWAP Technologies MSA and pay existing trade creditors pursuant to the MSA; The balance for general working capital purposes of the Group.

The Company also plans to apply the balance of the proceeds (targeted at a minimum of US$40 million) to Helios Towers Mauritius Holdings Limited or "HTMHL", representing the issuance and sale of shares by the Company on behalf of HTMHL which satisfies the loan note put into place in connection with the reorganisation completed in preparation for the Company's initial public offering and Admission. In certain circumstances, HTMHL may sell some of its existing Ordinary Shares in the Global Offer.

The Group's Revenue and EBITDA for the year ended 31 December 2014 were US$73.3 million (US$36.0 million for the six months ended 30 June 2015) and US$31.7 million (US$19.8 million for the six months ended 30 June 2015), respectively, representing an EBITDA margin of 43% (55% for the six months ended 30 June 2015).

In relation to the Global Offer and Admission, Merrill Lynch International and Citigroup Global Markets Limited are acting as Joint Global Co-Ordinators, Joint Bookrunners and Underwriters, Investec Bank plc and the Standard Bank of South Africa Limited are acting as Joint Bookrunners and Underwriters, and Exotix Partners LLP and Peel Hunt LLP are acting as Co-lead Managers and Underwriters.

For comments and feedback contact: editorial@rttnews.com

Business News

Quick Facts

Editors Pick
Despite opposition from the pharmaceutical industry, President Donald Trump's administration has proposed a new rule requiring companies to include the prices for prescription drug and biological products in their television advertisements. Ride-hailing company Lyft introduced a new monthly subscription plan that offers free or discounted rides for a price of $299 every 30 days. Passengers can subscribe to the monthly plan, starting today. It will be available to everyone in the U.S. by the end of the week. With an All-Access Plan, riders can get 30 rides each month worth up to $15 each. Amazon.com Inc. will continue to work with the U.S. Department of Defense or DoD despite criticism from its employees and privacy activists, the company's Founder and Chief Executive Jeff Bezos said Monday. "If big tech companies are going to turn their back on the DoD, this country is going to be in trouble," Bezos said during the Wired25 conference in San Francisco.
Follow RTT