Africa phone tower firm IHS raises $2bln in equity and $600 million in debt

DUBAI (Reuters) - Nigerian phone tower group IHS has raised $2 billion in equity and $600 million in debt in what it says is the biggest equity fund raising by an African company this decade.

IHS, the continent's biggest tower company, will use the money to finance infrastructure spending and recently agreed acquisitions, according to a company statement on Monday.

It said the equity funding was from new and existing shareholders, but did not provide further details.

The loan facility is split into two parts – a seven-year tranche of $500 million denominated in U.S. dollars and an eight-year tranche of $100 million in Nigerian naira.

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