MTNN raises N72.18bn from CP issuance as offer sees 144% subscription

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

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.