MTN Nigeria Communications PLC has successfully raised N42.20 billion through its Series 15 and 16 Commercial Paper (CP) issuance under the company’s N250 billion Commercial Paper Issuance Programme.
The funds, issued on December 23, 2024, will support the company’s short-term working capital needs.
The 180-day and 270-day commercial papers were issued at competitive yields of 27.50 per cent and 29.00 per cent, respectively.
This marks MTN Nigeria’s third successful CP issuance in the past two months, reflecting strong investor confidence in the company’s operations and financial management.
Karl Toriola, Chief Executive Officer of MTN Nigeria, expressed gratitude for the support received:
“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.”
The transaction was facilitated by Stanbic IBTC Capital Limited, acting as the Arranger and Dealer. 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, and Vetiva Advisory Services Limited.
This issuance highlights MTN Nigeria’s commitment to leveraging the capital markets to support its operations while maintaining investor confidence in its financial strategies.
