FMDQ OTC Securities Exchange has approved the quotation of MTN Nigeria series III and series IV Commercial paper worth a combined total of N73.51 billion.
This is according to a notification by the Securities Exchange which reads: ‘’FMDQ Exchange is pleased to announce the approval for the quotation of the MTN Nigeria Communications PLC ₦19.77bn Series 3 and ₦53.74bn Series 4 CPs under its ₦200.00bn CP Issuance Programme on its platform.’’
According to the notice, the recent disclosure is part of a N200 billion CP Issuance programme earlier announced by the firm. Recall that the telecommunications giants had disclosed that it got an approval from FMDQ to raise its initial CP offering from N100 billion to N200 billion, sequel to the success recorded in its N100 billion inaugural Series I and Series II CP Issuances in June 2020, which have been redeemed.
The proceeds from the CP will be used to meet working capital requirements and for general corporate purposes.
What you should know:
- The series III and series IV CP cleared at a discount rate of 6.7652% and 7.5546% respectively.
- 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.