Olufemi Adeyemi
MTN Nigeria Communications PLC reports to the NGX and investors the successful completion of its Series 15 and 16 Commercial Paper issuances, totaling N42.20 billion. This follows the previously reported successful issuance of Series 13 and 14 Commercial Papers, which raised N72.18 billion.
MTN Nigeria's official announcement, disseminated via the NGX disclosure platform and signed by Company Secretary Uto Ukpanah, confirms the successful completion of its Series 15 and 16 commercial paper issuances. These offerings, part of the company's N250 billion Commercial Paper Issuance Programme, achieved an 84.4% subscription rate.
Through this program, MTN Nigeria raised funds via two commercial papers. The Series 15 and 16 offerings, issued on December 23, 2024, offered yields of 27.50% for the 181-day paper and 29.00% for the 270-day paper, catering to a diverse range of investors.
This issuance follows the successful Series 13 and 14 papers from November 29, 2024, which raised N72.18 billion. Initially targeting N50 billion, the Series 15 and 16 issuances reached an 84.4% subscription, totaling N42.20 billion.
Stanbic IBTC acted as the Lead Arranger and Dealer, supported by Joint Dealers including CardinalStone, Chapel Hill Denham, Cordros, Coronation, FCMB, Meristem, Quantum Zenith, and Rand Merchant Bank.
MTN Nigeria’s Chief Executive Officer, Karl Toriola, expressed his excitement and gratitude regarding this recent fundraising success.
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 emphasized, “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.”
MTN Nigeria's N250 billion Commercial Paper Issuance Programme represents a strategic fundraising initiative designed to support operational and business goals.
Series 15 and 16 achieved an 84.4% subscription rate, demonstrating continued investor confidence.
On November 29, 2024, the firm successfully issued Series 13 and 14 Commercial Papers, yielding 27.50% for the 181-day tenor and 29.00% for the 270-day tenor.
The target issuance of N50 billion experienced a 144% oversubscription, resulting in N72.18 billion raised. Subsequently, on November 7th, MTN Nigeria's Series 11 and 12 Commercial Paper offerings successfully raised N75.1 billion, demonstrating strong investor appeal.