MTN Nigeria raises N42.20 billion through successful Series 15 and 16 Commercial Paper Issuance, supporting short-term working capital needs.
MTN Nigeria Communications PLC (MTN Nigeria or the ‘Company’) hereby notifies Nigerian Exchange Limited and the investing public of the successful completion of its Series 15 and 16 Commercial Paper issuance under the Company’s N250 billion Commercial Paper Issuance Programme (the ‘CP Issuance’) where the Company raised N42.20 billion.
The 180-day and 270-day CP were issued at yields of 27.50% and 29.00%, respectively, with an issue date of Monday, 23 December 2024. This follows the successful completion of two prior CP issuances in the last two months. The proceeds will be applied towards the Company’s short-term working capital requirements. MTN Nigeria’s Chief Executive Officer, Karl Toriola, said, “We are grateful for the success of this transaction which underscores investor confidence in MTN Nigeria’s business model and management team.
The CP Issuance is part of our established funding strategy and would not have been possible without the unwavering support of the investor community, as well as our advisers.” Stanbic IBTC Capital Limited acted as the Arranger and Dealer while CardinalStone Partners Limited, Chapel Hill Denham Advisory Limited, Cordros Capital Limited, Coronation Merchant Bank Limited, FCMB Capital Markets Limited, Meristem Capital Limited, Quantum Zenith Capital & Investments Limited, and Vetiva Advisory Services Limited served as Joint Dealers on the transaction.
Source: techafricanews.com
