MTN Nigeria Communication Plc has announced its intention to issue commercial paper notes totaling up to N72.1 billion as part of its N250 billion commercial paper issuance program, according to a notice to the Nigerian Exchange Limited and the public.
This move, as outlined by Uto Ukpanah, the Company Secretary, is aligned with MTN’s strategy to diversify its funding sources, with the funds set to address short-term working capital requirements.
In its recent completion of Series 8 & 9 under the N20 billion commercial paper issuance program, MTN Nigeria successfully raised N52.9 billion, fully subscribing to both series.
The 182-day commercial papers were issued with a yield of 14.00%, while the 267-day commercial papers had a yield of 16.00%.
The issuance process concluded on November 7.
Expressing gratitude for the success of the transaction, MTN Nigeria’s CEO, Karl Toriola, highlighted the significance of investor confidence in the company’s performance and management.
Toriola also emphasized the evolving market landscape and the strategic focus on managing funding costs.
The CEO acknowledged the record-time completion of the transaction, attributing it to the unwavering support of advisers and the investor community.