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© OKN MEDIA PUBLISHING 2022 - All rights reserved
Business

MTN Nigeria Raises ₦72.18 Billion Through Commercial Paper Issuance

Muhammad A. Aliyu
By Muhammad A. Aliyu
Published: December 14, 2024
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2 Min Read
Karl Toriola, CEO of MTN Nigeria
Karl Toriola, CEO of MTN Nigeria
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MTN Nigeria Communications Plc has successfully raised ₦72.18 billion through its Series 13 and 14 Commercial Paper (CP) issuance, surpassing its initial target of ₦50 billion by 144 percent.

Contents
Key Details of the IssuanceLead and Joint Arrangers

The company announced this milestone in a statement on Thursday, underscoring strong investor confidence in its operations and financial performance.

The issuance is part of MTN Nigeria’s ₦250 billion Commercial Paper Issuance Programme. The 180-day and 270-day CP notes were issued at yields of 27.50% and 29.00%, respectively, with an issue date of November 29, 2024.

Karl Toriola, MTN Nigeria’s Chief Executive Officer, expressed satisfaction with the outcome, highlighting the robust support from investors.

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“This further reinforces MTN Nigeria’s financial position, brand strength, and market leadership amidst the challenging macro conditions,” Toriola said.

The funds raised will support the company’s short-term working capital requirements, enabling MTN Nigeria to maintain its operational efficiency and pursue growth opportunities.

Key Details of the Issuance

  • Target Amount: ₦50 billion
  • Actual Subscription: ₦72.18 billion
  • Yield Rates: 180-day CP at 27.50%; 270-day CP at 29.00%
  • Purpose: To support short-term working capital requirements

The transaction follows the successful issuance of ₦75.18 billion in Commercial Papers earlier in November 2024, further reflecting the market’s trust in MTN Nigeria’s management and operational strategy.

Lead and Joint Arrangers

The lead arranger for the issuance was Stanbic IBTC Capital Limited, while the joint dealers included:

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  • CardinalStone Partners Limited
  • Chapel Hill Denham Advisory Limited
  • Cordros Capital Limited
  • Coronation Merchant Bank Limited
  • FCMB Capital Markets Limited
  • Meristem Capital Limited
  • Quantum Zenith Capital & Investments Limited
  • Rand Merchant Bank Nigeria Limited
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ByMuhammad A. Aliyu
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Muhammad Ameer Aliyu, is a prolific journalist who joined Okay Nigeria in 2015 with the aim staying committed to bringing more positive growth to the digital news platform. He is the Senior Editor at Okay Nigeria.
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