MTN Nigeria has achieved a successful fundraising of N52.89 billion through its Series 8 & 9 Commercial Paper issuance under its N250 billion Commercial Paper Issuance Programme. The completion of the Commercial Papers was disclosed in a notice filed with the Nigerian Exchange Limited.<\/p>\n
Announced last Thursday, MTN’s Commercial Papers aimed to raise N52,895,846,000.00 across both series, and the offer was fully subscribed. The telecommunications company issued 182-day commercial papers with a yield of 14 percent and 267-day commercial papers at a yield of 16 percent. The CP Issuance process concluded on Tuesday.<\/p>\n
In a statement, MTN Nigeria explained that the CP Issuance is in line with its strategy to reduce its average cost of debt and diversify its funding sources. The raised funds will be directed towards addressing short-term working capital requirements.<\/p>\n
MTN Nigeria’s CEO, Karl Toriola, expressed gratitude for the success of the transaction, highlighting investor confidence in the company’s performance and management. Toriola emphasized the changing market landscape and the importance of managing funding costs as a key focus for the company.<\/p>\n
The quick conclusion of the transaction was attributed to the support of advisers and the investor community. Stanbic IBTC Capital Limited served as the Arranger and Dealer, while ARM Securities Limited, Chapel Hill Denham Advisory Limited, FBNQuest Merchant Bank Limited, FCMB Capital Markets Limited, Quantum Zenith Capital & Investments Limited, and Rand Merchant Bank Nigeria Limited played the role of Joint Dealers in the transaction.<\/p>\n","protected":false},"excerpt":{"rendered":"
MTN Nigeria has achieved a successful fundraising of N52.89 billion through its Series 8 & 9 Commercial Paper issuance under its N250 billion Commercial Paper Issuance Programme. The completion of the Commercial Papers was disclosed in a notice filed with the Nigerian Exchange Limited. Announced last Thursday, MTN’s Commercial Papers aimed to raise N52,895,846,000.00 across […]<\/p>\n","protected":false},"author":13,"featured_media":5182,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[172],"tags":[324],"class_list":["post-5159","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-mtn"],"aioseo_notices":[],"amp_enabled":true,"_links":{"self":[{"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/posts\/5159","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/users\/13"}],"replies":[{"embeddable":true,"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/comments?post=5159"}],"version-history":[{"count":1,"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/posts\/5159\/revisions"}],"predecessor-version":[{"id":5183,"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/posts\/5159\/revisions\/5183"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/media\/5182"}],"wp:attachment":[{"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/media?parent=5159"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/categories?post=5159"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/tags?post=5159"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}