NOTES TO THE UNAUDITED CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS (CONTINUED) 15.Borrowings Borrowings comprised the following: | | | | | | | September 30, | | December 31, | | | 2026 | | 2025 | | | $’m | | $’m | | | | | | Non-current | | | | | Senior Notes | | 1,888.8 | | 1,965.5 | Bank term loans | | 714.3 | | 876.5 | | | 2,603.1 | | 2,842.0 | Current | | | | | Senior Notes | | 334.1 | | 218.4 | Bank term loans | | 191.8 | | 77.2 | Letters of credit | | — | | 0.1 | | | 525.9 | | 295.7 | | | | | | Total borrowings | | 3,129.0 | | 3,137.7 | Borrowings classified as held for sale (see note 21.2) | | — | | 96.7 | | | 3,129.0 | | 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 | | | September 30, | | | | Issue | | Maturity | | | | September 30, | | December 31, | | | 2026 | | Currency | | date | | date | | Interest rate | | 2026 | | 2025 | | | | | | | | | | | | | $'m | | $'m | Senior Notes | | | | | | | | | | | | | | | IHS Holding Limited | | — | | USD | | Nov'21 | | Nov'26 | | 5.625% | | — | | 200.5 | IHS Holding Limited | | 500.0M | | USD | | Nov'21 | | Nov'28 | | 6.250% | | 508.5 | | 500.2 | IHS Holding Limited(a) | | 750.0M | | USD | | Nov'24 | | May'30 | | 7.875% | | 769.5 | | 546.7 | IHS Holding Limited | | 650.0M | | USD | | Nov'24 | | Nov'31 | | 8.250% | | 659.5 | | 645.3 | IHS Mauritius NG Holdco Limited | | 286.0M | | USD | | Sep'19 | | Sep'27 | | 8.000% | | 285.4 | | 290.0 | | | | | | | | | | | | | | | | Debentures | | | | | | | | | | | | | | | I-Systems Soluções de Infraestrutura S.A.(b) | | — | | BRL | | Jun'24 | | May'32 | | 2.10% + CDI | | — | | 26.8 | | | | | | | | | | | | | | | | Bank Term Loans | | | | | | | | | | | | | | | IHS Côte d’Ivoire S.A. | | 5.3B | | XOF | | Dec'23 | | Dec'28 | | 6.50% | | 8.8 | | 12.1 | IHS Côte d’Ivoire S.A. | | 41.7M | | EUR | | Dec'23 | | Dec'28 | | 3.50% + 3M EURIBOR | | 46.2 | | 63.9 | IHS Holding Limited | | 200.0M | | USD | | Jun'25 | | Dec'27 | | 3.85% + 3M SOFR | | 195.6 | | 198.2 | IHS Holding Limited | | 255.0M | | USD | | Oct'24 | | Oct'29 | | 4.50% + 3M SOFR | | 257.2 | | 256.8 | IHS Holding Limited | | 3.2B | | ZAR | | Oct'24 | | Oct'29 | | 4.50% + 3M JIBAR | | 201.3 | | 198.6 | IHS Towers South Africa Proprietary Limited | | 2.8B | | ZAR | | May'22 | | May'29 | | 2.75% + 3M JIBAR | | 168.4 | | 182.4 | IHS Zambia Limited | | 28.5M | | USD | | Dec'20 | | Dec'27 | | 5.00% + CAS + 3M SOFR | | 28.6 | | 42.9 | I-Systems Soluções de Infraestrutura S.A.(b) | | — | | BRL | | Oct'22 | | Oct'30 | | 2.45% - 2.50% + CDI | | — | | 69.9 | | | | | | | | | | | | | | | | Revolving Credit Facilities(c) | | | | | | | | | | | | | | | 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 | | — | | — | | | | | | | | | | | | | | | | Letters of Credit(c) | | | | | | | | | | | | | | | IHS Nigeria | | — | | USD | | Feb'22 | | Sep'26 | | 12.00% - 15.39% | | — | | 0.1 | | | | | | | | | | | | | 3,129.0 | | 3,234.4 | Exclude: Borrowings classified as held for sale (see note 21.2) | | | | | | | | | | | | — | | (96.7) | Borrowings | | | | | | | | | | | | 3,129.0 | | 3,137.7 |
| (a) | In September 2026, IHS Holding Limited issued $200.0 million Additional 2030 Notes. The Additional 2030 Notes were issued under the same indenture and on the same terms (other than issue price) as the existing 2030 Notes. The proceeds of the issuance of the Additional 2030 Notes were used to fully redeem the issuer’s outstanding $200.0 million 5.625% Senior Notes due 2026, for the payments of related fees and expenses, and for general corporate purposes. |
| (b) | Borrowings for I-Systems are presented within liabilities held for sale at December 31, 2025. See Note 21 for more information. In May 2026, the Group completed the I-Systems Disposal. |
| (c) | Principal amount for revolving credit facilities and letters of credit are the available facilities at September 30, 2026. |
All 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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