MTN Nigeria Communication PLC has announced the successful completion of its Series 4 and 5 commercial paper issuance under its N150
billion commercial paper issuance programme.
This information was disclosed by the MTN PLC in a corporate disclosure seen by RateCaptain.
In its statement, MTN Nigeria Plc sought to raise N100 billion, and the transaction was 125% subscribed, with a total of N125 billion raised.
MTN Nigeria issued 188-day commercial papers at a yield of 11.00% and 267-day commercial papers at a yield of 12.50%.
It also added that it created a strategy to diversify funding options on March 3, 2023, called “CP issuance.” The proceeds will be utilized for its short-term working capital and funding requirements.
The success of this recent offering speaks to MTN’s ability to tap into investor appetite in an increasingly competitive market environment while also maintaining strong financial discipline despite challenging times globally. Investors have been keenly watching how companies are managing their balance sheets during these tough economic conditions, which has caused some companies difficulty in securing adequate financing or refinancing existing debt obligations.