Private Infrastructure Development Group has committed to buy up to $50m of the bond issued by Liquid Telecommunications Financing Plc.
‘The New Note Offering’ bond aims to raise $600m to refinance existing debt and for corporate purposes, PIDG stated.
It explained that Emerging Africa Infrastructure Fund, acting through its agent and along with the International Finance Corporation, had committed to place orders to purchase up to $178m in the New Note Offering.
An Investment Director at EAIF, Sumit Kanodia, said, “Growing Africa’s digital infrastructure is a key foundation stone in recovering the continent from the global economic devastation of Coronavirus Disease. EAIF has supported the growth of Africa’s digital and telecommunications sector since 2003.
“We have given support to projects, including marine and terrestrial fibre optics, communications towers and satellites that have brought advanced communications to Africa and had significant economic development impact on many countries. Liquid Telecommunications is a dynamic and successful business we are pleased to support.”