MTN Issues Commercial Paper in the Amount of N127 Billion

MTN has yet to reactivate 7.5 million phone lines despite receiving NINs for weeks

MTN Nigeria Communications Plc issued N127billion Series 1 and 2 Commercial Paper on Monday, April 25th, as part of its registered N150billion Commercial Paper (CP) Programme.


MTN Nigeria Plc has set a new record with its largest commercial paper issuance in Nigeria.
The issuance included two tenors: a 184-day series issuance with a 7.50% yield and a 254-day series 2 issuance with an 8.50% yield.


The commercial paper issuance is consistent with the company’s strategy of diversifying its financial options, with the proceeds going toward working capital and general corporate purposes.


During the signing ceremony on Monday, Karl Toriola, Chief Executive Officer of MTN Nigeria, stated, “We are delighted to have successfully concluded what will go down in history as Nigeria’s largest Commercial Paper issuance.”


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The success of our CP Issuance demonstrates the strength and acceptance of the MTN brand, as well as the investor community’s confidence in our company’s leadership, strong financial performance, and corporate strategy.”


Stanbic IBTC Capital Limited served as the lead arranger and dealer, with joint dealers including 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.

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“Having emerged as one of two winners for the 5G spectrum recently auctioned by the Nigerian Communications Commission, and having just been granted final approval by the Central Bank of Nigeria for Momo Payment Service Bank Limited to commence operations license, this landmark issuance represents yet another step towards cementing MTN Nigeria’s leadership in Nigeria’s telecommunications sector,” Toriola added.