MTN Nigeria Communications Plc has successfully raised ₦72.18 billion through its Series 13 and 14 Commercial Paper (CP) issuance, surpassing its initial target of ₦50 billion by 144 percent.
The company announced this milestone in a statement on Thursday, underscoring strong investor confidence in its operations and financial performance.
The issuance is part of MTN Nigeria’s ₦250 billion Commercial Paper Issuance Programme. The 180-day and 270-day CP notes were issued at yields of 27.50% and 29.00%, respectively, with an issue date of November 29, 2024.
Karl Toriola, MTN Nigeria’s Chief Executive Officer, expressed satisfaction with the outcome, highlighting the robust support from investors.
“This further reinforces MTN Nigeria’s financial position, brand strength, and market leadership amidst the challenging macro conditions,” Toriola said.
The funds raised will support the company’s short-term working capital requirements, enabling MTN Nigeria to maintain its operational efficiency and pursue growth opportunities.
Key Details of the Issuance
- Target Amount: ₦50 billion
- Actual Subscription: ₦72.18 billion
- Yield Rates: 180-day CP at 27.50%; 270-day CP at 29.00%
- Purpose: To support short-term working capital requirements
The transaction follows the successful issuance of ₦75.18 billion in Commercial Papers earlier in November 2024, further reflecting the market’s trust in MTN Nigeria’s management and operational strategy.
Lead and Joint Arrangers
The lead arranger for the issuance was Stanbic IBTC Capital Limited, while the joint dealers included:
- 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
- Rand Merchant Bank Nigeria Limited
