MTN Nigeria Communications PLC., has issued a historic N127,000,000,000 Series 1 & 2 Commercial Paper, TechEconomy.ng can report.
The issuance is under MTN Nigeria’s registered N150 billion Commercial Papers Programme.
The MTN Commercial Papers notification to the Nigerian Exchange Limited shows that the Issuance comprised two tenors – a 184-day Serie issuance priced at a 7.50% yield and a 254-day Series 2 issuance priced at an 8.50 per cent yield.
Stanbic IBTC Capital Limited acted as Lead Arranger and Dealer, while Chapel Hill Denham Advisory Limited, Coronation Merchant Bank Limited, FBNQuest Merchant Bank Limited, FSDH Capital Limited, Standard Chartered Capital & Advisory Nigeria Limited and UCML Capital Limited acted as Joint Dealers.
The Issuance is in line with the Company’s strategy to diversify its financing options, with the proceeds being deployed towards working capital and general corporate purposes.
Speaking during the signing ceremony on Monday, Mr Karl Olutokun Toriola, Chief Executive, MTN Nigeria, said the Company was delighted to have successfully concluded what will go into the record books as the largest Commercial Paper issuance in Nigeria.
“The success of our CP Issuance is a clear demonstration of the strength and acceptance of the MTN brand, and the trust placed by the investor community in our company’s leadership, strong financial performance and corporate strategy.
