Helios Towers FY 2023 Results
STRENGTHENED FINANCIAL POSITION THROUGH
DELEVERAGING AND PARTIAL TENDER
Commentary
•
•
Net leverage decreased by -0.7x YoY to
4.4x; target below 4.0x in FY 24
Extended average maturities by one
year with minimal increase in cost of
debt, through $325m partial tender of
2025 Bond and repayment of $65m prior
term loan using new facilities
c. $500m in available cash and undrawn
debt facilities
Debt KPIs
FY 22
FY 23
Cash & cash equivalents
120
106
Bond (Dec-25)
975
650
Convertible bond (¹) (Mar-27)
247
247
Group term loan
25
405
Local facilities
267
285
Lease obligations + other (2)
284
303
Gross debt
1,798
1,890
•
Net debt (3)
1,678
1,783
Annualised Adj. EBITDA (4)
329
403
Gross leverage (5)
5.5x
4.7x
Net leverage (6)
5.1x
4.4x
(1)
22
22
Helios Towers FY 2023 Results
(2)
(3)
-0.7x net leverage YoY
The convertible bond is accounted for as a compound instrument. On initial recognition of the $250m March issue, this
created a $205m liability and an equity component of $45m before transaction costs. At Q3 2023 and including the $50m
bond tap, this represents a $247m liability and an equity component of $53m before transaction costs and excluding
accrued interest.
'Other' relates to unamortised loan issue costs, accrued bond and loan interest, derivative liability and shareholder loans.
Net debt is calculated as gross debt less cash and cash equivalents.
4
years weighted
average life
remaining(7)
>80%
of drawn
debt at
fixed rate (7)
(4)
Annualisation is calculated as the most recent fiscal quarter multiplied by four, adjusted to annualise the impact of
acquisition completed during the period.
(5)
(6)
(7)
Calculated as gross debt divided by Annualised Adj. EBITDA for the quarter.
Calculated as net debt divided by Annualised Adj. EBITDA for the quarter.
Fixed rate % and weighted average remaining life based on drawn debt.
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