MTN Nigeria Communications Plc has successfully raised N42.2bn through its Series 15 and 16 Commercial Paper issuance under the company’s N250bn Commercial Paper Issuance Programme.

In a recent disclosure to the Nigerian Exchange Limited by the company secretary, Uto Ukpanah, the telecommunications giant stated that the 180-day and 270-day commercial papers were issued at yields of 27.50 per cent and 29.00 per cent, respectively. The issuance, which had an issue date of December 23, 2024, follows the successful completion of two prior CP issuances in the last two months.

According to MTN Nigeria, proceeds from the CP issuance will be applied toward the company’s short-term working capital requirements.

Commenting on the successful transaction, the company’s Chief Executive Officer, Karl Toriola, said: “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 arranged and managed by Stanbic IBTC Capital Limited, with 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 acting as joint dealers.

The PUNCH reported that MTN Nigeria Communications Plc has revealed plans to issue up to N50bn Series 11 and 12 commercial paper notes under the company’s N250bn commercial paper issuance.

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