MTN Nigeria Communications Plc plans to issue up to N50 billion series 11 and 12 commercial paper notes, as part of its N250 billion Commercial Paper (CP) Issuance programme.
In a note published on the Nigerian Exchange Limited’s website, the company stated that the issuance is part of its strategy to diversify its financing options.
“The issuance is part of the Company’s strategy to diversify its financing options, with the funds being deployed towards short-term working capital requirements,” it said.
Last year, MTN Nigeria raised N72.1 billion in the series 10 commercial paper issuance, still under the N250 billion commercial paper issuance programme, recording a 149 percent subscription rate.
Read also: How MTN Nigeria returned to profitability
The 266-day commercial paper was issued on November 29, 2023, at a yield of 16 percent.
After three successive quarters of loss, MTNN charted its path back to profitability after declaring a profit after tax of N4.13 billion in the third quarter of 2024.
MTN’s financial performance has been impacted by record-high inflation and the naira’s devaluation, worsening businesses’ operational expenses.
The telco noted that its profit after tax (PAT) adjusted for the net forex loss would have been N118.5 billion for the nine months, BusinessDay earlier reported.
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