MTN Nigeria Communications Plc successfully completed its Series 13 and 14 Commercial Paper (CP) issuance under the Company’s N250 billion Commercial Paper issuance programme (the CP Issuance).

MTN Nigeria sought to raise N50 billion, but the offer was oversubscribed recording 144 percent subscription with N72.18 billion issued.

While commenting on the development, Karl Toriola, Chief Executive Officer, MTN Nigeria said: “We are pleased with the support received from the investor community, having recorded 144 percent subscription with participation from a broad range of investors. This further reinforces MTN Nigeria’s financial position, brand strength and market leadership amidst the challenging macro conditions.”

Read also: What to know as Dangote Sugar shops for N50bn from CPs issuance

Related News

Stanbic IBTC Capital Limited acted as the Lead Arranger and Dealer, with CardinalStone Partners Limited, Chapel Hill Denham Advisory Limited, Cordros Capital Limited, Coronation Merchant Bank Limited, FCMB Capital Markets Limited, Meristem Capital Limited, Quantum Zenith Capital & Investments Limited and Rand

Merchant Bank Nigeria Limited as Joint Dealers.

The 180-day and 270-day CP were issued at yields of 27.50 percent and 29 percent respectively, with an issue date of Friday November 29, 2024. This follows the N75.18 billion Commercial Paper issued on November 7, 2024, demonstrating investor confidence in the management and financial performance of MTN Nigeria.

The proceeds will be used to support short-term working capital requirements.

More from our Markets Column
Read Next
Nigeria’s biggest brewer returns to profit after two years of losses

Nigerian Breweries says rights issue subscribed by 91.59%

By Iheanyi Nwachukwu • December 13, 2024

Iheanyi Nwachukwu, is a creative content writer with almost two decades journalism experience writing on banking, finance, capital markets, and tax. The multiple awards winning journalist is Assistant Editor, BusinessDay. Iheanyi holds BSc Degree in Economics from Imo State University; Master of Science (MSc) Degree in Management from University of Lagos. Iheanyi has attended several work-related trainings including (i) Advanced Writing and Reporting Skills (Pan African University, Lagos); (ii) News Agency Journalism (Indian Institute of Mass Communication {IIMC}, New Delhi, India); and (iii) Capital Markets Development and Regulations (International Law Institute {ILI} of Georgetown University, Washington DC, USA). Other trainings Iheanyi attended include: Economic/Political Risk Analysis (By Thomson Reuters Foundation); International Financial Journalism (IFJ) (By PMA Media Training, UK); Effective Business Writing Skills (By Phillips Consulting); Reporting on Corporate Governance (By International Finance Corporation (IFC) & Thomson Reuters Foundation UK); etc. In addition, he has participated in high-level economy & markets events in Dubai, South Africa, Morocco, and other African countries like Zambia, Ghana and Gambia.

Join BusinessDay whatsapp Channel, to stay up to date

Open In Whatsapp