MTN Nigeria Communications Plc has notified the Nigerian Exchange Limited and the investing public of the successful completion of its Series 8 & 9 Commercial Paper Issuance under its upsize N250 billion Commercial Paper Issuance Program (CP). MTN sought to raise N52,895,846,000 and the offer was fully subscribed.
MTN Nigeria issued 182-day commercial papers at a yield of 14% and 267-day commercial papers at a yield of 16%. The CP Issuance was completed on Tuesday, 7th November, 2023.
The CP Issuance aligns with MTN Nigeria strategy to reduce its average cost of debt and diversify its funding sources. The proceeds will be applied towards short term working capital requirement.
The Chief Executive Officer of MTN Nigeria, Karl Toriola stated thus:
“We are grateful for the success of this transaction which demonstrates investors’ confidence in the performance and management of MTN Nigeria. The market terrain is changing and managing our funding cost is a key focus. The transaction was concluded in record time and this could not have been possible but for the unwavering support of our advisers and the investor community”