MTN Nigeria has generated N52.89 billion through the issue of Series 8 and 9 Commercial Papers under its N250 billion Commercial Paper issue Programme.
Following the completion of the CPs, this was announced in a notification filed with the Nigerian Exchange Limited.
MTN announced the CPs last Thursday, stating that it hoped to raise N52,895,846,000.00 over both series. The offer was completely sold out.
MTN Nigeria offered 182-day commercial papers with a 14 percent yield and 267-day commercial papers with a 16 percent yield. On Tuesday, the CP Issuance was completed.
In the statement, MTN Nigeria said that the “CP Issuance aligns with its strategy to reduce its average cost of debt and diversify its funding sources. The proceeds will be applied towards short-term working capital requirements.”
Speaking on the CP Issuance, MTN Nigeria’s Chief Executive Officer, Karl Toriola, said, “We are grateful for the success of this transaction which demonstrates investor confidence in the performance and management of MTN Nigeria. The market terrain is changing and managing our funding costs is a key focus.
“The transaction was concluded in record time and this could not have been possible but for the unwavering support of our advisers and the investor community.”
Stanbic IBTC Capital Limited played the role of Arranger and Dealer with ARM Securities Limited, Chapel Hill Denham Advisory Limited, FBNQuest Merchant Bank Limited, FCMB Capital Markets Limited, Quantum Zenith Capital & Investments Limited, and Rand Merchant Bank Nigeria Limited playing the role of Joint Dealers on the transaction.