MTN Nigeria Communications said it has raised N72.1 billion through its 266-day commercial paper (CP).

“MTN Nigeria Communications Plc (MTN Nigeria) hereby notifies the Nigerian Exchange Limited and the investing public of the successful completion of its Series 10 Commercial Paper issuance under its upsized N250 billion Commercial Paper Issuance Programme (the “CP Issuance”),” it said in a statement.

MTN Nigeria sought to raise N72.1 billion and the offer recorded 149 percent subscription with N72.1 billion issued. The 266-day commercial paper was issued on 29 November 2023 at a yield of 16 percent.

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The CP Issuance aligns with MT Nigeria’s strategy to continue diversifying its funding sources and reducing its average cost of debt. The proceeds will be applied towards short-term working capital requirements.

Karl Toriola, MTN Nigeria’s chief executive officer said, “We are pleased with the support received from the investor community, having recorded a 149 percent subscription from a broad range of investors. This reflects MTN Nigeria’s robust financial capacity, brand strength, and market leadership amidst the upward pressure on interest rates.”

The statement said this issuance positions MTN Nigeria well to continue investing in network expansion, innovative services, and digital solutions, driving further growth and solidifying its commitment to connecting Nigerians to a brighter future.

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Eniola Olatunji is an experienced journalist at BusinessDay, where she has specialized in reporting on personal and business finance since March 2022. She focuses on creating engaging and precise news stories, with a keen emphasis on the fixed-income market, banking, personal finance, cost of living, and the Nigerian economy. Her work also encompasses extensive market research and economic trend analysis. Eniola is passionate about empowering individuals to make informed financial decisions and is dedicated to shedding light on the intricate workings of the economy. She holds a Bachelor of Science degree in Pure & Applied Chemistry from the University of Lagos. Eniola Olatunji was shortlisted for The Future Awards Africa Prize for Journalism..

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