Nigeria: MTN Nigeria Raises N72.1 Billion Via CP

19 December 2023
Leadership (Abuja)
By Olushola Bello

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

The company, in a notice on the Nigerian Exchange said: "MTN Nigeria Communications hereby notifies the investing public of the successful completion of its series 10 Commercial Paper issuance under its upsized N250 billion Commercial Paper Issuance Programme."

It added that, "MTN Nigeria sought to raise N72.1 billion and the offer recorded 149 per cent subscription with N72.1 billion issued.

"The 266-day commercial paper was issued on November 29, 2023 at a yield of 16 per cent. The CP Issuance aligns with MTN 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."

Chief executive officer of MTN Nigeria, Karl Toriola, said: "we are pleased with the support received from the investor community, having recorded a 149 per cent 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."

Stanbic IBTC Capital Limited played the role of Arranger and Dealer with ARM Securities Limited, Chapel Hill Denham Advisory Limited, Coronation Merchant Bank Limited, FCMB Capital Markets Limited, Quantum Zenith Capital & Investments Limited, Rand Merchant Bank Nigeria Limited and Vetiva Capital Management Limited playing the role of Joint Dealers on the transaction.

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