Axian Telecom, a leading pan-African operator in telecommunications, mobile financial services, and digital infrastructure, has sold US$600 million worth of senior notes maturing in 2030.

The deal was led by J.P. Morgan, Standard Bank, and Standard Chartered Bank, with Latham & Watkins acting as legal counsel for Axian Telecom and White & Case representing the initial purchasers.

The offering was supported by anchor orders from British International Investment ( BII ), Deutsche Investitions- und Entwicklungsgesellschaft ( DEG ), Emerging Africa & Asia Infrastructure Fund Limited ( EAAIF ), International Finance Corporation ( IFC ), and Société de Promotion et de Participation pour la Coopération Économique ( Proparco ).

Axian also secured a new US$150 million term credit facility and a US$50 million revolving credit facility to refinance its existing senior notes due 2027 and other borrowings.

J.P. Morgan, Standard Bank, and Standard Chartered Bank acted as initial purchasers of the notes offering and as mandated lead arrangers and lenders for the revolving credit facility and, with the exception of J.P. Morgan, the term credit facility.

J.P. Morgan and Standard Bank also acted as development finance structuring agents on the notes offering. The notes, rated B+ by both S&P and Fitch, were listed on The International Stock Exchange.

The bond offering attracted strong interest from global investors, and was priced with a coupon of 7.250% and a yield of 7.375%. It was 3x oversubscribed, with robust demand from a diverse range of high-quality institutional investors.

Axian Telecom will use the proceeds to refinance existing notes and term loan, as well as for general corporate purposes, including expansion of its digital infrastructure, thereby reinforcing its commitment to sustainable growth and digital inclusion across its markets.

As part of the issuance, Axian Telecom included a sustainable development impact disclosure, communicating its intention to invest in infrastructure, promote smartphone accessibility and access to mobile financial services, and bring about greater digital connectivity across its operations in Africa.

Axian Telecom is Africa’s sixth-largest mobile operator serving more than 40 million customers. Its operations span Tanzania, Madagascar, Togo, Uganda, the Democratic Republic of the Congo, Senegal, Réunion, Mayotte, and the Comoros.