MTNN raises N42.2bn from series 15, 16 Commercial Paper issuance

MTN Nigeria Communications Plc has successfully completed its Series 15 and 16 Commercial Paper (CP) issuance where it raised N42.20 billion.

Proceeds from the recent CP issuance which is under its N250billion Commercial Paper issuance programme will be applied towards the Company’s short-term working capital requirements.

MTNN notified the Nigerian Exchange Limited (NGX) and the investing public that the 180-day and 270-day CP were issued at yields of 27.50 percent and 29 percent respectively, with an issue date of Monday December 23, 2024. This follows the successful completion of two prior CP issuances in the last two months.

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Stanbic IBTC Capital Limited acted as the Arranger and Dealer while 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 Vetiva Advisory Services Limited served as Joint Dealers on the transaction.

Karl Toriola, Chief Executive Officer, MTN Nigeria said, “We are grateful for the success of this transaction which underscores investor confidence in MTN Nigeria’s business model and management team. The CP Issuance is part of our established funding strategy and would not have been possible without the unwavering support of the investor community, as well as our advisers.”