MTN Nigeria has completed its Series 8 & 9 Commercial Paper issuance, raising N52.89bn under its N250 billion Commercial Paper Issuance Programme. The telecom giant’s announcement last Thursday indicated its intention to raise the specified amount across both series, and the offer was fully subscribed.
The commercial paper issuance included 182-day papers with a yield of 14% and 267-day papers with a yield of 16%. MTN Nigeria stated that the move aligns with its strategy to reduce average debt costs and diversify funding sources, with the proceeds earmarked for short-term working capital requirements.
CEO Karl Toriola expressed gratitude for the transaction’s success, citing investor confidence in MTN Nigeria’s performance and management. The efficient conclusion of the transaction was attributed to the support of advisers and the investor community. Stanbic IBTC Capital Limited served as the Arranger and Dealer, while several other entities, including ARM Securities Limited and FBNQuest Merchant Bank Limited, played roles as Joint Dealers on the transaction.
