MTN Nigeria, one of Africa’s largest providers of communications services, connecting over 74 million people in communities across Nigeria with each other and the world. MTN Nigeria, part of the MTN Group a multinational communications group, which operates in 19 countries in Africa and the Middle East has remained constant in leadership position in coverage, capacity and innovation since its lunch in 2002.
MTN Nigeria Communications PLC hereby notifies Nigerian Exchange Limited and the investing public of its proposed issuance of up to N23 billion (Twenty Three Billion Naira) Series 3 Commercial Paper notes under its N150 billion (One Hundred and Fifty Billion Naira) Commercial Paper Issuance Programme.
The Issuance is part of the Company’s strategy to diversify its financing options, with the funds deployed towards working capital and general corporate purposes.
Further details on the Issuance as well as subsequent issuances will be communicated to the market as the transactions occur.
In April this year MTN Nigeria Communication Plc was able to raise N127 billion through the issuance of series 1 and series 2 notes under the same N150 billion commercial papers (CP) programme of the company. The issuance consists of two tenors – a 184-day series issuance priced at a 7.50 per cent yield and a 254-day series 2 issuance priced at an 8.50 percent yield.
The N127 billion CP issuance which was a landmark achievement in the debt capital market issuance programme in Nigeria had 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.