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MTN Nigeria Communications PLC (MTNN) has completed its Series 6 & 7 Commercial Paper issuance under its upsized N250 billion Commercial Paper Issuance Programme.
MTN Nigeria sought to raise N100 billion, and the offer recorded 146% subscription with N125 billion issued across both series. This represents the largest aggregate CP issuance within a calendar year by any corporate in Nigeria’s debt markets.
MTN Nigeria issued 181-day commercial paper (CP) at a yield of 13.00% and 265-day CP at a yield of 13.50%, with an issue date of 23 August 2023.
MTN Nigeria’s Chief Executive Officer, Karl Toriola said, “We are pleased with the support received from the investor community, having recorded 146% subscription. This reflects MTN Nigeria’s robust financial capacity, the brand’s strength, and our leading role in the industry.”
Stanbic IBTC Capital Limited played the role of Arranger and Dealer with Chapel Hill Denham Advisory Limited, Coronation Merchant Bank Limited, FBNQuest Merchant Bank Limited, FCMB Capital Markets Limited and Quantum Zenith Capital and Investments Limited playing the role of Joint Dealers on the transaction.