MTN Nigeria Communications PLC has informed the investing public and the NGX that it has completed its Series 15 and 16 Commercial Paper (CP) issuance, raising N42.20 billion.
This follows an earlier announcement regarding the successful issuance of Series 13 and 14 Commercial Papers, which collectively raised N72.18 billion.
In a formal notification signed by Company Secretary Uto Ukpanah and published on the NGX disclosure platform, MTN Nigeria revealed the successful performance of the Series 15 and 16 issuances.
These offerings were conducted under MTN Nigeria’s N250 billion Commercial Paper Issuance Programme, achieving a subscription rate of 84.4 percent.
MTN Nigeria raised funds through two commercial papers under its N250 billion program.
The Series 15 and 16 offerings, issued on December 23, 2024, provided yields of 27.50 percent for the 181-day paper and 29.00% for the 270-day paper, appealing to different types of investors.
This issuance follows the successful Series 13 and 14 papers from November 29, 2024, which raised N72.18 billion.
Originally aiming for N50 billion, the Series 15 and 16 issuances achieved 84.4% subscription, totaling N42.20 billion.
Stanbic IBTC served as the Lead Arranger and Dealer, with support from Joint Dealers like CardinalStone, Chapel Hill Denham, Cordros, Coronation, FCMB, Meristem, Quantum Zenith, and Rand Merchant Bank.
MTN Nigeria’s Chief Executive Officer, Karl Toriola, shared his enthusiasm and appreciation regarding the recent fundraising achievement.
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 emphasised, “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.”