MTN records largest, commercial paper issuance in Nigeria’s corporate history
MTN Nigeria Communications Plc. has today, declared to the general population, it’s fruitful Commercial Paper Issuance (arrangements 1 and 2) under its N100 billion Commercial Paper (“CP”) Issuance Program.
MTN Nigeria Communications Plc. (CP 1) had a tenor of 180 days and 270 days (CP 2) with a viable yield of 4.90% for an N20 billion size (CP1) and 5.95% for an N80 billion size (CP2). The CP 1 and 2 notes will be recorded on the FMDQ Exchange.
This is the biggest business paper issuance recorded in Nigeria’s corporate history.
What MTN Nigeria intends to utilize the returns for?
The returns from the MTN Nigeria Communications Commercial paper issuance will be utilized to help MTN Nigeria’s working capital and general corporate purposes. This issuance under the CP Program speaks to MTN Nigeria’s introduction in the residential obligation capital market.
The business paper issuance was c.400% bought in, with dynamic cooperation from people, institutional speculators which included annuity support directors, resource supervisors, and other corporate firms and other budgetary foundations.
Remarking at the conclusion of the Book Build Chief Executive Officer, MTN Ferdinand Moolman said;
“The N100 billion gave is the biggest business paper issuance by a Nigerian corporate, it permits us to widen our hotspots for subsidizing and consolidates our built-up credit extensions with access to capital market financing, which will bring down our general expense of getting.”
Church Hill Denham Advisory Limited went about as the arranger and seller of this fruitful Commercial Paper Issuance recorded in Nigeria’s obligation showcase.