MTN Nigeria successfully raised N52.89 billion through its Series 8 & 9 Commercial Paper issuance, part of its N250 billion Commercial Paper Issuance Programme.
The completion of the CPs was disclosed in a filing with the Nigerian Exchange Limited after last Thursday’s announcement.
The fully subscribed offer included 182-day commercial papers with a 14% yield and 267-day commercial papers with a 16% yield. The CP Issuance process concluded on Tuesday.
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 served as the Arranger and Dealer, collaborating 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, all acting as Joint Dealers in the transaction.