15.Borrowings Borrowings comprised the following: | | | | | | | June 30, | | December 31, | | | 2025 | | 2024 | | | $’m | | $’m | | | | | | Non‑current | | | | | Senior Notes | | 2,160.9 | | 2,164.2 | Debentures and bank term loans | | 976.3 | | 1,055.0 | | | 3,137.2 | | 3,219.2 | Current | | | | | Senior Notes | | 18.6 | | 19.3 | Debentures and bank term loans | | 79.1 | | 102.6 | Letters of credit | | 4.7 | | 6.8 | | | 102.4 | | 128.7 | | | | | | Total borrowings | | 3,239.6 | | 3,347.9 |
Refer to the next page for an analysis of our borrowing facilities and related covenants: NOTES TO THE UNAUDITED CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS (CONTINUED) Analysis of borrowings Borrowings comprised the following: | | | | | | | | | | | | | | | | | Principal | | | | | | | | | | | | | | | amount | | | | | | | | | | Carrying amount | | | June 30, | | | | Issue | | Maturity | | | | June 30, | | December 31, | | | 2025 | | Currency | | date | | date | | Interest rate | | 2025 | | 2024 | | | | | | | | | | | | | $'m | | $'m | Senior Notes | | | | | | | | | | | | | | | IHS Holding Limited | | 200.0M | | USD | | Nov'21 | | Nov'26 | | 5.625% | | 200.2 | | 200.8 | IHS Holding Limited | | 500.0M | | USD | | Nov'21 | | Nov'28 | | 6.250% | | 499.7 | | 499.4 | IHS Holding Limited | | 550.0M | | USD | | Nov'24 | | May'30 | | 7.875% | | 545.9 | | 545.4 | IHS Holding Limited | | 650.0M | | USD | | Nov'24 | | Nov'31 | | 8.250% | | 644.5 | | 644.2 | IHS Mauritius NG Holdco Limited | | 286.0M | | USD | | Sep'19 | | Sep'27 | | 8.000% | | 289.2 | | 293.7 | | | | | | | | | | | | | | | | Debentures | | | | | | | | | | | | | | | IHS Brasil - Cessão de Infraestruturas S.A. | | — | | BRL | | Sep'23 | | Aug'31 | | 3.10% + CDI | | — | | 177.6 | IHS Brasil - Cessão de Infraestruturas S.A. | | — | | BRL | | Jun'24 | | Jun'32 | | 2.80% + CDI | | — | | 44.0 | I-Systems Soluções de Infraestrutura S.A. | | 160.0M | | BRL | | Jun'24 | | May'32 | | 2.10% + CDI | | 27.0 | | 24.3 | | | | | | | | | | | | | | | | Bank Term Loans | | | | | | | | | | | | | | | IHS Côte d’Ivoire S.A. | | 8.2B | | XOF | | Dec'23 | | Dec'28 | | 6.50% | | 14.2 | | 14.4 | IHS Côte d’Ivoire S.A. | | 64.8M | | EUR | | Dec'23 | | Dec'28 | | 3.50% + 3M EURIBOR | | 74.4 | | 75.5 | IHS Holding Limited | | 200.0M | | USD | | Jun'25 | | Dec'27 | | 4.85% + 3M SOFR | | 196.4 | | — | IHS Holding Limited | | 255.0M | | USD | | Oct'24 | | Oct'29 | | 4.50% + 3M SOFR | | 256.7 | | 256.6 | IHS Holding Limited | | 3.2B | | ZAR | | Oct'24 | | Oct'29 | | 4.50% + 3M JIBAR | | 184.9 | | 175.2 | IHS Towers South Africa Proprietary Limited | | 3.2B | | ZAR | | May'22 | | May'29 | | 2.75% + 3M JIBAR | | 179.8 | | 174.8 | IHS Zambia Limited | | 52.3M | | USD | | Dec'20 | | Dec'27 | | 5.00% + CAS + 3M SOFR | | 52.4 | | 62.2 | INT Towers Limited | | — | | NGN | | Jan'23 | | Jan'28 | | 2.50% + MPR | | — | | 91.6 | I-Systems Soluções de Infraestrutura S.A. | | 400.0M | | BRL | | Oct'22 | | Oct'30 | | 2.45% - 2.50% + CDI | | 69.6 | | 61.4 | | | | | | | | | | | | | | | | Revolving Credit Facilities(a) | | | | | | | | | | | | | | | IHS Holding Limited | | 300.0M | | USD | | Jun'25 | | Sep'28 | | 3.50% + 3M SOFR | | — | | — | IHS Nigeria Limited | | 55.0B | | NGN | | Jan'23 | | Jan'26 | | 2.50% + MPR | | — | | — | | | | | | | | | | | | | | | | Letters of Credit(a) | | | | | | | | | | | | | | | IHS Nigeria | | 356.5M | | USD | | Feb'22 | | Sep'25 | | 12.00% - 15.39% | | 4.7 | | 6.8 | | | | | | | | | | | | | 3,239.6 | | 3,347.9 |
(a)Principal amount for revolving credit facilities and letters of credit are the available facilities at June 30, 2025. Group borrowings (except letters of credit) typically contain customary affirmative and negative covenants, events of default and financial covenant ratios (generally tested either quarterly or on an incurrence basis, depending on the financing type and with some exceptions). The borrowing entity may also voluntarily prepay its utilizations and/or cancel all or part of the available commitments on its term loans and facilities by giving notice. Mandatory cancellation and full or partial prepayment may be required in certain circumstances including events of default. The majority of borrowings are supported by intercompany guarantees or secured by pledges over certain assets. |