MTN Nigeria in the Debt Market to Raise N127 Billion Via Commercial Paper

MTN Nigeria Communications Plc on Monday announced it has issued N127 billion series 1 &2 commercial paper under its registered N150 billion commercial paper programme.

The telecommunications giant announced in a statement signed by Uto Ukpanah, Company Secretary, MTN Nigeria.

According to the statement obtained by Investors King, the issuance comprises two tenors. A 184-day Series priced at a 7.50% yield and a 254-day Series 2 priced at 8.50% yield.

MTN Nigeria said the issuance is in line with its strategy to diversify financing options. The company further stated that the proceeds will be deployed towards its working capital and for general corporate purposes.

The lead arranger and dealer was Stanbic IBTC Capital Limited 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.