MTN Nigeria Communications Plc has raised about ₦42.2 billion new debt capital through the issuance of commercial papers (CPs).
MTN Nigeria had floated series 15 and 16 commercial paper issuance under its ₦250 billion commercial paper issuance programme, raising ₦42.20 billion through the two instruments.
A regulatory filing indicated that the 180-day and 270-day CPs were issued at yields of 27.50 per cent and 29.00 per cent respectively. The latest issuances followed the successful completion of two prior CP issuances in the last two months.
The telecommunication company stated that the net proceeds of the CPs would be applied towards short-term working capital requirements.
Chief Executive Officer, MTN Nigeria Communications Plc, Karl Toriola, said the success of the latest issuances further underscored investor confidence in MTN Nigeria’s business model and management team.
He said : “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”.
Stanbic IBTC Capital Limited acted as the Arranger and Dealer while 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 served as Joint Dealers on the transaction.
Credit: thenationonlineng.net
