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Helios Towers PLC on Monday said it was able to ‘proactively manage [its] balance sheet’ through a successful tender offer of its $975 million total in 2025 senior debt notes. The London-based telecommunications infrastructure company said $325.0 million 7.0% senior notes due in 2025 were tendered, out of the $975 million total. As of the settlement date on Tuesday, Helios Towers will have an outstanding principal amount of $650.0 million of notes, as a result. Helios Towers announced the tender offer for up to $400 million in senior notes in mid-September. On Tuesday, the company confirmed it will fund the tender offer from new loan and credit facilities worth up to $720 million, also raised in September. It will keep the undrawn facility amounts available for general corporate or future refinancing purposes. Helios Towers said the transaction extends its weighted average remaining debt maturity by almost 12 months, with a neutral impact on its gross and net leverage. Its cost of debt increased, but only ‘marginally’ to 7.1% from 6.7%, which Helios said reflected its improved diversification and scale. ‘We are pleased to proactively manage our balance sheet through a partial tender offer of our 2025 senior notes,’ said Chief Executive Officer Tom Greenwood. ‘Alongside extending our maturities, our cost of debt has remained largely unchanged, despite the rising rate environment. ‘This is a reflection of our improved credit profile, achieved through geographic expansion, improved hard-currency earnings, increased scale and strong conviction in the business by our key banks.’ Helios Towers shares were down 0.2% at 67.90 pence in London early on Monday. Copyright 2023 Alliance News Ltd. All Rights Reserved.
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