MTN Issues N127bn Commercial Paper For Investment
MTN Nigeria Communications Plc has announced a N127 billion commercial paper investment as part of the N150 billion Commercial Papers Program.
A notification to the Nigerian Exchange Limited shows that the MTN Commercial Papers issuance consisted of two tenors: a 184-day Series 2 issuance priced at 7.50% and a 254-day Series 1 issuance priced at 8.50%.
The Issuance is in line with the Company’s strategy to diversify its financing options, with the proceeds being deployed towards working capital and general corporate purposes.
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The statement read in part, “The issuance comprised two tenors -a 184-day Series issuance priced at a 7.50% yield and a 254-day Series 2 issuance priced at an 8.50% yield.
It added that Stanbic IBTC Capital Limited would act as lead arranger and dealer, while Chapel Hill Denham Advisory Limited, Coronation Merchant Bank Limited, FBNQuest Merchant Bank Limited, FSDH Capital Limited, Standard Chartered Capital & Advisory Nigeria Limited and UCML Capital Limited are joint dealers.
It reads “The Issuance is in line with the company’s strategy to diversify its financing options, with the proceeds being deployed towards working capital and general corporate purposes.”
Karl Olutokun Toriola, Chief Executive, MTN Nigeria, says the Company was delighted to have successfully concluded what will go into the record books as the largest Commercial Paper issuance in Nigeria.