MTN Nigeria Communications Plc made a bold move in the financial markets, securing ₦42.20 billion through its Series 15 and 16 Commercial Paper (CP) issuance.
This new funding, part of the company’s ₦250 billion programme, is set to fuel MTN’s short-term working capital needs.
MTN Nigeria Communications Plc has successfully raised ₦42.20 billion through its Series 15 and 16 Commercial Paper (CP) issuances.
This accomplishment, part of its ₦250 billion CP issuance programme, will directly support the company’s short-term working capital needs.
Furthermore, the company issued the CPs with durations of 180 and 270 days at competitive yields of 27.50% and 29%, respectively, and set the issue date for December 23, 2024.
Notably, this achievement comes after MTN completed two similar issuances in the past two months, further strengthening investor trust in its growth and strategy.
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Stanbic IBTC Capital Limited led the transaction as the Arranger and Dealer, Coronation Merchant Bank Limited, FCMB Capital Markets Limited, Meristem Capital Limited, Quantum Zenith Capital & Investments Limited, and Vetiva Advisory Services Limited served as several Joint Dealers on the transaction, including CardinalStone Partners and Chapel Hill Denham, ensured its smooth execution.
Expressing gratitude, MTN Nigeria’s CEO, Karl Toriola, thanked investors and advisers for their unwavering support.
He highlighted how this transaction, beyond raising funds, demonstrates robust confidence in MTN’s business model and management.
Consequently, it cements the company’s strong position in the Nigerian market.
