MTN Nigeria raises N73.5 billion from CP Issuance to finance operations.

MTN Nigeria Plc has raised a total of N73.5 billion through its Series III and Series IV CP Issuance Programme, in a bid to meet its working capital requirements and for general corporate purposes.

This is according to a disclosure issued by the telecommunication giants and signed by its secretary, Uto Ukpanah, as seen by Nairametrics.

The company revealed that as part of its strategy in diversifying its financing sources, it obtained the approval of FMDQ Securities Exchange in November 2020 to increase its CP programme from N100 billion to N200 billion. This is sequel to the success recorded in its N100 billion inaugural Series I and Series II CP Issuances in June 2020, which have been redeemed.

On the other hand, the telecommunications giant also revealed that the company has obtained the approval of the Securities and Exchange Commission to launch a Bond Issuance Programme. Sequel to this, the company will issue a 7-Year Series I fixed rate bond under a debut N200 billion bond issuance programme.

What you should know:

  • The book build for the series III and series IV CP Issuances commenced on 11th of March, 2021 and closed on 19th of March, 2021.
  • The series III and series IV CP cleared at a discount rate of 6.7652% and 7.5546% respectively.
  • A total of N19, 765,447,000 was raised through series III CP Issuance, while series IV CP Issuance generated a total of N53, 742,807,000.
  • Collectively a total of N73, 508,254,000 was raised through the issuance of both series- series III and series IV.

For more information about the disclosure, click HERE.

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