MTN Nigeria Communications Plc has notified the Nigerian Exchange and the investing public of the successful completion of its series 4 & 5 Commercial Paper issuance under its N150 Commercial Paper Issuance programme (CP issuance). MTN Nigeria sought to raise N100 billion, and the transaction was 125% subscribed with a total of N125 billion raised.
MTN Nigeria issued 188-day commercial papers at a yield of 11% and 267 day commercial papers at a yield of 12.5%. The CP issuance was completed on March 1st, 2023.
The CP Issuance is part of MTN Nigeria’s strategy to diversify its funding options. The proceeds will be utilized for its short-term working capital and funding requirements.