The bond offering, which was priced last week, attracted significant interest from global institutional investors despite challenging market conditions. Initial price thoughts were positioned at approximately 7.875%, but the notes were ultimately issued with a coupon of 7.250% and a yield of 7.375%.
Remarkably, the bond was oversubscribed nearly three times, reflecting strong confidence in Axian’s growth prospects and the broader African market. The oversubscription demonstrates the increasing appetite among international investors for African issuers, even amid a complex global economic environment. The funds raised will be used to refinance existing notes and a term loan, as well as to support Axian Telecom’s expansion of its digital infrastructure, underscoring its commitment to sustainable growth and digital inclusion across its markets.
Axian highlights that this successful issuance underscores the rising confidence in African companies and their role in driving innovation and connectivity across the continent. The company’s recent financing activities showcase a busy and successful year; in April, Axian secured a US$100 million financing package from the European Investment Bank (EIB Global) to expand mobile broadband infrastructure in Madagascar and Tanzania. Earlier, in January, the African Development Bank (AfDB) approved a US$160 million loan to support upgrades and expansion plans across Axian’s subsidiaries in Africa.
“This bond issuance is a testament to the strength of our diversified business model and the trust investors place in our long-term vision. It enables us to accelerate our mission of delivering inclusive digital transformation and connectivity across Africa,” said Hassan Jaber, CEO of Axian Telecom.
