MTN Nigeria Communications PLC has notified the Nigerian Exchange Limited and the investing public of the successful completion of its Series 13 and 14 Commercial Paper Issuance under the Company’s N250 billion Commercial Paper Issuance Programme (the ‘CP Issuance’).
MTN Nigeria says it sought to raise N50 billion, but the offer recorded a 144% over subscription with N72.18 billion issued.
The communications company made this known in a statement signed by the Company Secretary, Uto Ukpanah
According to the statement, the 180-day and 270-day commercial paper were issued at yields of 27.50% and 29.00%, respectively, with an issue date of Friday, 29 November 2024.
“This follows the N75.18 billion Commercial Paper issued on 7 November 2024, demonstrating investor
confidence in the management and financial performance of MTN Nigeria,” the press release noted.
“The proceeds will be used to support short-term working capital requirements,” the company said.
Commenting on the development, MTN Nigeria’s Chief Executive Officer, Karl Toriola, said: “We are pleased with the support received from the investor community, having recorded 144% subscription with participation from a broad range of investors.
“This further reinforces MTN Nigeria’s financial position, brand strength and market
leadership amidst the challenging macro conditions.”
Stanbic IBTC Capital Limited acted as the Lead Arranger and Dealer, with CardinalStone Partners Limited, Chapel Hill Denham Advisory Limited, Cordros Capital Limited, Coronation Merchant Bank Limited, FCMB Capital Markets Limited, Meristem Capital Limited, Quantum Zenith Capital & Investments Limited and Rand Merchant Bank Nigeria Limited as Joint Dealers.
