MTN Nigeria Completes Issuance of Series III, Series IV Commercial Papers

MTN Nigeria Communications Plc announced it has completed the issuance of Series III and Series IV Commercial Papers under its N200 billion commercial paper programme.

According to the telecommunications giant, the proceeds from the Series III and IV CP Issuance will be used to finance working capital and general corporate purposes.

“The CP Issuances were undertaken in line with the Company’s strategy to diversify its financing sources. In November 2020, MTN Nigeria obtained the approval of Financial Markets Dealers Quotations (FMDQ) Securities Exchange Plc to increase the Company’s CP programme from N100,000,000,000 to N200,000,000,000; following the very successful inaugura Series I and Series II CP Issuances in June 2020. The Company confirms that the Series I and Series II CP Issuances – of an aggregate value of N100,000,000,000 – have been redeemed,” MTN Nigeria stated in a statement signed by Uto Ukpanah, Company Secretary, MTN Nigeria.

“The book build for the Series III and Series IV CP Issuances opened on Thursday, 11th March 2021 and closed on Friday, 19th March 2021. The Series III CP cleared at a discount rate of 6.7652 percent and raised N19,765,447,000; and the Series IV cleared at a discount rate of 7.5547 percent and raised N53,742,807,000. The aggregate CP Issuance is N73,508,254,000 across both tenors.”