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MTN Nigeria Communications Plc has successfully raised N42.2 billion in debt capital through the issuance of commercial papers (CPs) under its N250 billion commercial paper issuance programme.
The telecom giant issued Series 15 and 16 commercial papers, securing N42.2 billion across the two instruments. According to regulatory filings, the 180-day CPs were issued at a yield of 27.50%, while the 270-day CPs carried a yield of 29.00%. This latest issuance follows two other successful rounds of CP issuances completed within the last two months.
Application of Proceeds
MTN Nigeria stated that the net proceeds from the CPs will be directed toward meeting its short-term working capital needs.
Investor Confidence in MTN’s Model
Commenting on the success of the transaction, Karl Toriola, Chief Executive Officer of MTN Nigeria Communications Plc, highlighted the strong investor confidence in the company’s business model and leadership.
He stated, “The CP issuance is part of our established funding strategy and reflects the unwavering support of our investor community and advisers. Their confidence fuels our ability to execute on our objectives.”
Transaction Partners
Stanbic IBTC Capital Limited acted as the Arranger and Dealer for the issuance. Joint Dealers on the transaction 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
- Vetiva Advisory Services Limited
This successful fundraising underscores MTN Nigeria’s resilience and commitment to maintaining a robust financial strategy to drive its operational and growth ambitions.
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