MTN Nigeria Communications Plc (MTN Nigeria) yesterday declared the insurance of its N127 billion Series 1 & 2 Commercial Paper under its registered N150 billion commercial paper programme.
The company earlier in the month of April, said, it will furnish the public with details on the issuance (as well as subsequent issuance) as the transaction(s) occur.
The issuance comprises of two tenors-a a 184-day series 1 issuance priced at a 7.50 percent yield and a 254-day Series 2 issuance priced at an 8.50 percent yield.
Stanbic IBTC Capital Limited acted 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 acted as Joint Dealers.
The issuance is in line with the Company’s strategy to diversify it’s financing options, with the proceeds being deployed towards working capital and general corporate purpose.
It would be recalled that on April 4, 2022, MTN Nigeria Communications Plc disclosed to the Nigerian Exchange Limited and the general public of its N150 billion commercial paper programme.
According to the company secretary Uto Ukpanah FCIS, the company proposes the issuance of series 1 and 2 commercial paper (the issuance) of up to N150 billion.
MTN Nigeria has initiated and successfully commended four series of issuances under its previous N200 billion commercial paper shelf programme.
