MTN Nigeria Communications Plc on Monday, April 25 issued N127billion series 1 and 2 Commercial Paper under its registered N150billion Commercial Paper (CP) Programme.
This largest commercial paper issuance in Nigeria goes into the record for MTN Nigeria Plc.
The issuance comprised two tenors –a 184-day series issuance priced at a 7.50percent yield and a 254-day series 2 issuance priced at an 8.50percent yield.
The commercial paper issuance is in line with the company’s strategy to diversify its financial options, with the proceeds being deployed towards working capital and general corporate purposes.
Speaking during the signing ceremony on Monday, Karl Toriola, Chief Executive, MTN Nigeria said “We are delighted to have successfully concluded what will go into the record books as the largest Commercial Paper issuance in Nigeria.
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.”
Read also: MTN Nigeria issues N127bn commercial paper, largest in Nigeria
Stanbic IBTC Capital Limited acted as lead arranger and dealer while Chapel Hill Denham Advisory Limited, Coronation Merchant Bank Limited, FBNQuest Merchant Bank Limited, FSDH Capital Limited, Standard Chartered Capital & Advisory Nigeria Limited and UCML Capital Limited acted as joint dealers.
Toriola further noted: “Having emerged as one of two winners for the 5G spectrum recently auctioned by the Nigerian Communications Commission and also having just been granted final approval by the Central Bank of Nigeria for Momo Payment Service Bank Limited to commence operations license, this landmark issuance represents yet another step towards our cementing MTN Nigeria’s leadership in Nigeria’s telecommunications sector.”
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