MTN Nigeria Communications Plc has announced its intention to issue Commercial Paper (CP) in series 1 & 2 of N50 billion each, under its N100 billion CP issuance programme.
The announcement was first made in a statement to the Nigerian Stock Exchange (NSE) on the proposed Commercial Paper issuance program.
The telecommunication giant noted that it has already secured the approval of FMDQ Security Exchange PLC on the issuance, which was meant to enable the company diversify it’s funding options and channel the funds towards working capital and general corporate purpose.
Afrinvest also in a note to investors said “We are pleased to inform you that MTN Nigeria Communications Plc (“MTN Nigeria” or “the Company”) is seeking to raise up to N50.0bn in Series 1 and Series 2 Commercial Paper issuance under its N100.0bn Commercial Paper (“CP”) Programme in order to support its working capital and general corporate purposes. This issuance under the CP Programme marks MTN Nigeria’s debut in the domestic debt capital market.
“MTN-NG is the leading telecommunications operator in the largest telecoms market in Africa. The Company is the largest mobile operator and undisputed market leader in Nigeria as measured by total mobile subscribers (c. 70 million), active data users (c. 26.8 million), revenue (almost 50.0% of industry), and profit pool
“MTN-NG is well positioned for the long term with its unmatched investments in its infrastructure – most expansive 2G, 3G, and 4G network, largest fibre network (c. 29,000km) that spans across Nigeria, largest physical and digital distribution platform, and wide range of spectrum holdings – and the exciting market opportunity Nigeria brings. Mobile voice and data subscription will continue to be a major part of consumer spending, largely driven by increased adoption by the young population”