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By Merit Ibe
MTN Nigeria Communications Plc (MTN Nigeria) has notified Nigerian Exchange Limited (NGX) and the investing public of its N127 billion Series 1 & 2 Commercial Paper Issuance under its registered N150 billion Commercial Paper Programme.
A letter signed by Uto Ukpanah, Company Secretary, explained that the issuance comprised two tenors – a 184-day Series issuance priced at a 7.50 percent yield and a 254-day Series 2 issuance priced at an 8.50% yield.
The statement noted that Stanbic IBTC Capital Limited acted as Lead Arranger and Dealer, 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.
The Issuance is in line with the company’s strategy to diversify its financing options, with the proceeds being deployed towards working capital and general corporate purposes.
Reacting to the issuance, Chief Executive, MTN Nigeria, Mr Karl Olutokun Toriola said the company was delighted to have successfully concluded what will go into the record books as the largest Commercial Paper issuance in Nigeria. “The success of our CP Issuance is a clear demonstration of the strength and acceptance of the MTN brand and the trust placed by the investor community in our company’s leadership, strong financial performance and corporate strategy.
