MTN Nigeria said it has received approval from the Nigerian Securities and Exchange Commission (SEC) to raise fund following the successful completion of its Series III and Series IV Commercial Papers of N73,508,254,000.
The telecoms giant said the company will issue a Series I, 7-Year Fixed Rate Bond under a debut N200 billion Bond Issuance Programme (“Bond Issuance Programme”).
It added that the Bond Issuance Programme further reinforces the Company’s strategy of diversifying its funding sources. A final decision on the launch of the Series I Bond will be taken imminently, subject to prevailing market conditions.
The telecommunications company raised a combined N73.508 billion in March 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.