MTN Nigeria Communications PLC has announced to the NGX and the investing public that it has successfully raised N42.20 billion through the issue of its Series 15 and 16 Commercial Papers (CP).
This comes after a previous statement that the Series 13 and 14 Commercial Papers had successfully raised N72.18 billion in total.
MTN Nigeria announced the successful completion of the Series 15 and 16 issuances in a formal notification posted on the NGX disclosure platform on Friday and signed by Company Secretary Uto Ukpanah.
These services were provided as part of MTN Nigeria’s N250 billion Commercial Paper Issuance Program, which saw an 84.4% subscription rate.
With assistance from Joint Dealers such as CardinalStone, Chapel Hill Denham, Cordros, Coronation, FCMB, Meristem, Quantum Zenith, and Rand Merchant Bank, Stanbic IBTC was the Lead Arranger and Dealer.
MTN Nigeria’s CEO expresses enthusiasm
Karl Toriola, the CEO of MTN Nigeria, expressed his excitement and gratitude for the most recent fundraising success.
He stated, “We are grateful for the success of this transaction, which underscores investor confidence in MTN Nigeria’s business model and management team.”
He further emphasized, “The Commercial Paper Issuance is a key component of our established funding strategy and could not have been accomplished without the steadfast support of the investor community and our advisors.”
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MTN Nigeria’s Commercial Papers significant milestone
To support its operational and business objectives, MTN Nigeria has been actively generating money through its N250 billion Commercial Paper Issuance Programme.
A subscription rate of 84.4% was attained by the most recent Series 15 and 16 offerings, indicating continued investor interest.
The business successfully introduced Series 13 and 14 Commercial Papers on November 29, 2024, with yields of 29.00% for the 270-day tenor and 27.50% for the 181-day tenor.
These issuances were initially intended to raise N50 billion, but due to enormous demand, there was a 144% oversubscription, ultimately raising N72.18 billion.
MTN Nigeria further proved its strong investor appeal on November 7 of the same month when it issued Series 11 and 12 Commercial Papers, raising N75.1 billion.