MTN Nigeria Communications Plc has notifies the Nigerian Exchange Limited and the investing public of the proposed issuance of up to N50 billion Series 13 and 14 Commercial Paper Note under the N250 billion Commercial Paper Issuance Programme.
The Issuance aligns with the Company’s strategy to diversify its funding options, with the proceeds deployed to support short-term working capital requirements.
The Company recently concluded its Series 11 and 12 Commercial Paper (CP) Issuance. The Company sought to raise N50 billion in the issuance; however, the offer recorded a 150% subscription with N75.18 billion issued. The proceeds of the Issuance was intended for the Company’s short-term working capital requirements.
According to MTN Nigeria, further details on the Series 13 and 14 Commercial Paper Issuance will be disclosed to the market.