MTN issues N127bn commercial paper

MTN Nigeria Communications Plc has announced a N127 billion commercial paper for investment under its N150bn commercial paper programme.

In a notice to the Nigerian Exchange on Monday, signed by its Company Secretary, Uto Ukpanah, the firm said the announcement was to notify the Nigerian Exchange Limited and the investing public of its series 1 & 2.

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The statement read in part, “The issuance comprised two tenors -a 184-day Series issuance priced at a 7.50% yield and a 254-day Series 2 issuance priced at an 8.50% yield.

It added that Stanbic IBTC Capital Limited would act as lead arranger and dealer, while Chapel Hill Denham Advisory Limited, Coronation Merchant Bank Limited, FBNQuest Merchant Bank Limited, FSDH Capital Limited, Standard Chartered Capital & Advisory Nigeria Limited and UCML Capital Limited are joint dealers.

“The Issuance is in line with the company’s strategy to diversify its financing options, with the proceeds being deployed towards working capital and general corporate purposes.”