NOTES TO THE UNAUDITED CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS (CONTINUED) 15.Borrowings Borrowings comprised the following: | | | | | | | March 31, | | December 31, | | | 2026 | | 2025 | | | $’m | | $’m | | | | | | Non‑current | | | | | Senior Notes | | 1,965.1 | | 1,965.5 | Bank term loans | | 848.1 | | 876.5 | | | 2,813.2 | | 2,842.0 | Current | | | | | Senior Notes | | 247.5 | | 218.4 | Bank term loans | | 75.3 | | 77.2 | Letters of credit | | 0.1 | | 0.1 | | | 322.9 | | 295.7 | | | | | | Total borrowings | | 3,136.1 | | 3,137.7 | Borrowings classified as held for sale (see note 20.2) | | 105.5 | | 96.7 | | | 3,241.6 | | 3,234.4 |
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 | | | March 31, | | | | Issue | | Maturity | | | | March 31, | | December 31, | | | 2026 | | Currency | | date | | date | | Interest rate | | 2026 | | 2025 | | | | | | | | | | | | | $'m | | $'m | Senior Notes | | | | | | | | | | | | | | | IHS Holding Limited | | 200.0M | | USD | | Nov'21 | | Nov'26 | | 5.625% | | 203.4 | | 200.5 | IHS Holding Limited | | 500.0M | | USD | | Nov'21 | | Nov'28 | | 6.250% | | 508.1 | | 500.2 | IHS Holding Limited | | 550.0M | | USD | | Nov'24 | | May'30 | | 7.875% | | 557.7 | | 546.7 | IHS Holding Limited | | 650.0M | | USD | | Nov'24 | | Nov'31 | | 8.250% | | 658.8 | | 645.3 | IHS Mauritius NG Holdco Limited | | 286.0M | | USD | | Sep'19 | | Sep'27 | | 8.000% | | 284.6 | | 290.0 | | | | | | | | | | | | | | | | Debentures | | | | | | | | | | | | | | | I-Systems Soluções de Infraestrutura S.A.(a) | | 160.0M | | BRL | | Jun'24 | | May'32 | | 2.10% + CDI | | 29.1 | | 26.8 | | | | | | | | | | | | | | | | Bank Term Loans | | | | | | | | | | | | | | | IHS Côte d’Ivoire S.A. | | 6.5B | | XOF | | Dec'23 | | Dec'28 | | 6.50% | | 10.9 | | 12.1 | IHS Côte d’Ivoire S.A. | | 50.9M | | EUR | | Dec'23 | | Dec'28 | | 3.50% + 3M EURIBOR | | 57.2 | | 63.9 | IHS Holding Limited | | 200.0M | | USD | | Jun'25 | | Dec'27 | | 4.85% + 3M SOFR | | 198.0 | | 198.2 | IHS Holding Limited | | 255.0M | | USD | | Oct'24 | | Oct'29 | | 4.50% + 3M SOFR | | 256.7 | | 256.8 | IHS Holding Limited | | 3.2B | | ZAR | | Oct'24 | | Oct'29 | | 4.50% + 3M JIBAR | | 191.6 | | 198.6 | IHS Towers South Africa Proprietary Limited | | 3.0B | | ZAR | | May'22 | | May'29 | | 2.75% + 3M JIBAR | | 171.0 | | 182.4 | IHS Zambia Limited | | 38.0M | | USD | | Dec'20 | | Dec'27 | | 5.00% + CAS + 3M SOFR | | 38.0 | | 42.9 | I-Systems Soluções de Infraestrutura S.A.(a) | | 400.0M | | BRL | | Oct'22 | | Oct'30 | | 2.45% - 2.50% + CDI | | 76.4 | | 69.9 | | | | | | | | | | | | | | | | Revolving Credit Facilities and Overdraft(b) | | | | | | | | | | | | | | | IHS Holding Limited | | 300.0M | | USD | | Jun'25 | | Sep'28 | | 3.50% + 3M SOFR | | — | | — | IHS Nigeria Limited | | 100.0B | | NGN | | Jan'26 | | Mar'29 | | 1.00% + MPR | | — | | — | IHS Cameroon S.A. | | 10.0B | | XAF | | Sep'25 | | Aug'26 | | 5.50% | | — | | — | IHS Cameroon S.A. | | 10.0B | | XAF | | Oct'25 | | Sep'26 | | 5.50% - 6.00% | | — | | — | | | | | | | | | | | | | | | | Letters of Credit(b) | | | | | | | | | | | | | | | IHS Nigeria | | 356.5M | | USD | | Feb'22 | | Jun'26 | | 12.00% - 15.39% | | 0.1 | | 0.1 | | | | | | | | | | | | | 3,241.6 | | 3,234.4 | Exclude: Borrowings classified as held for sale (see note 20) | | | | | | | | | | | | (105.5) | | (96.7) | Borrowings | | | | | | | | | | | | 3,136.1 | | 3,137.7 |
| (a) | On February 11, 2026, IHS Fiber Brasil – Cessão de Infraestruturas Ltda. entered into a share purchase and sale agreement with TIM S.A., pursuant to which IHS Fiber Brasil – Cessão de Infraestruturas Ltda. agreed to sell its 51.0% stake in I-Systems. Borrowings for this business are presented within liabilities held for sale at March 31, 2026 and December 31, 2025. |
| (b) | Principal amount for revolving credit facilities, overdrafts and letters of credit are the available facilities at March 31, 2026. |
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.
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