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Friday, September 22, 2023

MTN to Issue N200bn Bond, Completes Commercial Paper Programme

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MTN Nigeria says it has obtained the approval of the Securities & Exchange Commission (SEC) to launch a Bond Issuance Programme.

The Company will issue a Series 1, 7-Year Fixed Rate Bond under a debut N200 billion Bond Issuance Programme.

“A final decision on the launch of the Series 1 Bond will be taken imminently, subject to prevailing market conditions,” MTN said in a statement.

MTN added that it has successfully completed the issuance of its Series III and Series IV Commercial Papers, the proceeds of which will be deployed towards the Company’s working capita; and general corporate purposes.

The Series III Commercial paper cleared at a discount rate of 6.7652 percent and raised N19,765,447,000; and the Series IV cleared at a discount arte of 7.5546 percent and raised N53,742,807,000. The aggregate CP issuance was N73,508,254,000 across both tenors.

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