MTN Nigeria communication PLC has announced the issuance of its series 1 & 2 commercial papers under its ₦150 billion naira Commercial Paper Programme.
In the notification sent to the Nigerian Exchange Group, and a statement made available to customers looking to invest, the company noted that the issuance comprised two tenors, which is a 184-day series issuance priced at a 7.50% and a 254-day series issuance priced at an 8.50% yield respectively.
The company reiterated that the issuance was in line with its principle and strategy to diversify its financing options with the proceeds being deployed towards working capital and general corporate purposes.
“We are happy to have successfully finalised what will go down in the record books as Nigeria’s largest Commercial Paper issue. The success of our CP Issuance is a clear demonstration of the strength and acceptance of the MTN brand, and the trust placed by the investor community in our company’s leadership, strong financial performance and corporate strategy”, MTN Nigeria CEO Olukotun Karl Toriola stated in the ceremony.
“Having emerged as one of two winners for the 5G spectrum recently auctioned by the Nigerian Communications Commission (NCC), and having just been granted final approval by the Central Bank of Nigeria (CBN) for Momo Payment Service Bank Limited to commence operations license, this landmark issuance represents another step towards our cementing MTN Nigeria’s leadership in Nigeria’s telecommunications sector.
“First and foremost, we thank our customers and the investor community for their continued support and confidence in the MTN brand and all it stands for. We thank Stanbic IBTC Capital, our Lead Arranger and Dealer on this landmark CP Issuance, and our Joint Dealers – Chapel Hill Denham, Coronation Merchant Bank, FBNQuest Merchant Bank, FSDH Capital, Standard Chartered and UCML Capital.
“We also thank all other professional parties to the transaction, who worked tirelessly to ensure its timely and successful completion and the board and management of FMDQ Securities Exchange for providing an efficient platform for raising short term funding via the issuance of commercial papers.”
The issuance further entrenches the use of commercial papers by companies and firms to raise funds from the public and manage their short-term financial responsibilities while also presenting them with an opportunity to earn and make wealth.
MTN Nigeria – part of the MTN Group – a multinational telecommunications group, which operates in 19 countries in Africa and the Middle East – is one of Africa’s largest providers of communications services, connecting approximately 69 million people in rural and urban areas across the country.
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