Pan African Towers Limited is an independent owner and operator of digital infrastructure and wireless communications sites in Nigeria. The Company commenced business operations in Nigeria in 2017 and currently has c.1,000 towers across 35 of the 36 states in Nigeria, with over 600 active tower sites. PAT’s service offerings include; traditional services such as colocation, built-to-suit, managed services, buy-lease-back and Distributed Antenna Solutions (DAS) and value-added services (broadband, utility, content and support).
The Company has a diverse customer base that includes leading mobile network operators and internet service providers like Airtel, MTN, 9Mobile, Smile, Bitflux, ICSL, Spectranet, and Swift.
PAT’s management is executing several strategic initiatives to drive its aspiration to become a clear leader in creating and operating digital infrastructure assets in Nigeria. The Company has an aggressive growth plan and aims to deploy up to 500 towers annually within the next five years to help bridge the coverage gap in Nigeria and accelerate the strong appetite for next-generation mobile broadband growth and internet penetration. The proceeds of the Bonds will finance the roll-out of new environmentally friendly tower sites to enhance telecommunication coverage and service quality, especially in underserved communities and towards reducing carbon footprint in the sector by swapping out diesel generators with renewable energy sources.
Access to infrastructure by increasing tower coverage and bridging the telephony and broadband coverage gap in Nigeria
The PAT Digital Infra Fund SPV PLC NGN10.0 billion 10-Year Series I Senior Guaranteed Fixed Rate Infrastructure Bonds Due 2032 (the “PAT Series I Bonds” or “Bonds”) under a NGN50 billion Debt Issuance Programme were accorded a ‘AAA’ long term credit rating by Agusto and Co. and GCR, reflecting the high degree of creditworthiness and the robust quality of the Bonds. The Bond issue was oversubscribed by 127% by ten (10) institutional investors, including domestic pension funds and insurance companies. The Bond proceeds will be used to finance the roll-out of new environmentally friendly tower sites to enhance telecommunication coverage and service quality, especially in underserved communities. Additionally, PAT aims to apply some of the proceeds towards reducing carbon footprint in the sector by swapping out diesel generators with renewable energy sources.