“MTN Nigeria Communications PLC (MTN Nigeria) has notified Nigerian Exchange Limited and the investing public of the successful completion of its Series 6 & 7 Commercial Paper issuance under its upsized N250 billion Commercial Paper Issuance Programme.
MTN Nigeria sought to raise N100 billion, and the offer recorded 146% subscription with N125 billion issued across both series. This represents the largest aggregate CP issuance within a calendar year by any corporate in Nigeria’s debt capital markets.”
MTN Nigeria issued 181-day commercial paper at a yield of 13% and 265-day commercial paper at a yield of 13.5% with an issue date of 23 August 2023.
The Commercial Paper Issuance aligns with MTN Nigeria’s strategy to diversify its funding sources and reducing its average cost of debt. The proceeds will be applied towards short term working capital requirement.
The CEO of MTN Nigeria, Karl Toriola, Stated thus:
“We are pleased with the support received from the investor community, having recorded 146% subscription. This reflects MTN Nigeria’s robust financial capacity, the brand’s strength and our leading role in the industry”.