MTN raises N125bn from commercial paper issuance

MTN Nigeria Plc has said in a statement it filed with the Nigerian Exchange Limited that it raised N125 billion through a commercial paper issuance.

It said the issuance was under its Series 4 and 5 Commercial Paper issuance under its N150bn CP issuance programme.

According to the telecom company, while it had sought to raise N100bn, the transaction was, “125% subscribed, with a total of N125bn raised”.

Giving details of the issuance, the company said it issued two papers, 188-day commercial paper with a yield of 11%, and 267-day commercial paper with a yield of 12.50%.

The issuance of the papers was completed on March 1, 2023, it said.

“The CP issuance is part of MTN’s strategy to diversify its funding options. The proceeds will be used for its short-term working capital and funding requirements,” the company explained.