MTN Nigeria in a notification available on the website of the Nigerian Exchange has successfully completed N110 billion Series 1, 7-Year 13.0 per cent Fixed Rate Bonds due in 2028 under its N200 billion Bond Issuance Programme.

This is the first time for the telecom giant to raise fund in the domestic bond market and makes it the first Nigeria’s telecommunication company to achieve this feat with the Series I bond being the largest corporate bond issuance in the debt capital markets thus far in 2021. The signing took place at MTN’s corporate head office on May 6, 2021.

Commenting on the bond issuance, CEO, MTN Nigeria, Karl Toriola said: “We live in testing times and we can’t take for granted that we work in an industry that first of all allows us to enhance and serve the society and allows us to continue to sustain ourselves, our families and contribute a great share to the Federal Government of Nigeria’s economic development policies.

“I want to thank everybody for the work done in preparing all the documentation and securing approvals for the relevant capital market  regulatory authorities. I am aware of the level of commitment that has gone into this. It will help secure MTN’s future in terms of having predictable funding and cost of capital structure going forward, diversifying its funding sources and help in the joint agenda that my team and I have set in being bold in creating opportunities for Nigerians. It also reaffirms our standing both in the capital market and the larger society that we operate in.”

Chapel Hill Denham Advisory Limited acted as the Lead Issuing House while Stanbic IBTC Capital, DLM Advisory, FCMB Capital Markets, FBNQuest Merchant Bank, Rand Merchant Bank, and Vetiva Capital Management acted as Joint Issuing Houses.