MTN Nigeria Communications Plc has just announced the completion of registration with the Securities and Exchange Commission (SEC) of its new N200 billion bond issuance program that was announced in July 2022.
This was disclosed by the telecommunication giant in a document it filed with the Nigerian Exchange Limited (NGX), dated September 14, and signed by Uto Ukpana, the company’s secretary.
Securing the approval of SEC to, under the N200 billion bond issuance program, launch Tranche A and Tranche B series 1 bond re-emphasizes the company’s action plan of expanding its funding sources in compliance with the corporate objective.
Extract from the document reads
“MTN Nigeria Communications Plc plans to issue up to N100 billion series 1 bond under its new N200 billion bond issuance program.”
“MTN Nigeria Communications Plc has completed registration with the Securities and Exchange Commission (SEC) of its new N200 billion bond issuance program announced in July 2022.”
“Consequently, MTN Nigeria has received SEC’s approval to launch the Series 1 (Tranche A) 4-year Fixed Rate Bond and Series 1 (Tranche B) 10-year Fixed Rate Bonds (the “Issuance”) under the program. The Issuance continues to reinforce MTN Nigeria’s strategy of diversifying its funding sources in line with its corporate objectives.”
“MTN Nigeria will launch the book build in respect of the series 1 (Tranche A and B) Bond on 15 September 2022.”
What you should know
Following the approval of the N150.00 billion Commercial Paper (CP) Program, the company had earlier issued a whooping N127 billion series 1 & 2 commercial paper on the Nigerian Exchange.
Also, the company recently disclosed it proposed N23 billion series 3 commercial paper notes under its N150 billion commercial paper issuance program.
The company has consistently reaffirmed that its diversified fundraising is to make funds available for its working capital and general corporate purposes
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