MTN Nigeria Issues Series 1 and 2 Commercial Papers Worth N127 Billion.
TECH DIGEST – The issuance is part of MTN Nigeria’s N150 billion Commercial Papers Program, which has been registered. The MTN Commercial Papers issuance had two tenors: a 184-day Serie issuance priced at 7.50 percent yield and a 254-day Series 2 issuance priced at 8.50 percent yield, according to the MTN Commercial Papers announcement to the Nigerian Exchange Limited.
Chapel Hill Denham Advisory Limited, Coronation Merchant Bank Limited, FBNQuest Merchant Bank Limited, FSDH Capital Limited, Standard Chartered Capital & Advisory Nigeria Limited, and UCML Capital Limited acted as Lead Arrangers and Dealers, while Chapel Hill Denham Advisory Limited, Coronation Merchant Bank Limited, FBNQuest Merchant Bank Limited, FSDH Capital Limited, Standard Chartered Capital & Advisory Nigeria Limited, and UCML Capital Limited acted as Joint Dealers.
The Issuance is part of the Company’s objective to diversify its financing options, with revenues going toward working capital and general business purposes. On Monday, April 25, 2022, during the signing ceremony for its N127 billion Series 1 and 2 Commercial Paper Issuance. The issuance is part of MTN Nigeria’s N150 billion Commercial Papers Program, which has been registered. The MTN Commercial Papers issuance had two tenors: a 184-day Serie issuance priced at 7.50 percent yield and a 254-day Series 2 issuance priced at 8.50 percent yield, according to the MTN Commercial Papers announcement to the Nigerian Exchange Limited.
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Mr. Karl Olutokun Toriola, Chief Executive, MTN Nigeria, said the company was happy to have completed what will go down in history as Nigeria’s largest Commercial Paper issue during the signing event on Monday. “The success of our CP Issuance demonstrates the MTN brand’s strength and acceptance, as well as the investor community’s faith in our company’s leadership, solid financial performance, and corporate strategy.”
“After emerging as one of two winners in the Nigerian Communications Commission’s recent 5G spectrum auction and receiving final approval from the Central Bank of Nigeria for Momo Payment Service Bank Limited to begin operations license, this landmark issuance represents yet another step towards cementing MTN Nigeria’s leadership in the Nigerian telecommunications sector.”
“First and foremost, we appreciate our customers’ and investors’ continuous support and belief in the MTN brand and everything it stands for. On this historic CP Issuance, we appreciate Stanbic IBTC Capital, our Lead Arranger and Dealer, as well as Chapel Hill Denham, Coronation Merchant Bank, FBNQuest Merchant Bank, FSDH Capital, Standard Chartered, and UCML Capital. We also thank all other professional parties who worked tirelessly to ensure the transaction’s timely and successful completion, as well as the board and management of the FMDQ Securities Exchange for providing an efficient platform for raising short-term funding through the issuance of commercial papers,” he said.
MTN Nigeria is one of Africa’s leading communications service providers, serving over 69 million people in the country.
