MTN Nigeria Secures SEC Approval to Launch Series II Bond worth N89.99 billion.

MTN Nigeria Communications Plc (MTN Nigeria) has obtained a regulatory approval from the Securities and Exchange Commission (SEC) to launch its Series II 10-Year Fixed Rate Bond worth N89.99 billion.

In addition, the telecommunications giant is expected to launch the book build in respect to the Series II Bond, today being 8th of October, 2021.

This is according to a statement issued by MTN Nigeria, signed by its secretary, Uto Ukpanah, and filed with the Nigerian Exchange Limited (NGX).

The notice read: ‘MTN Nigerian Communications Plc (MTN Nigeria) has obtained the approval of the Securities and Exchange Commission to launch the Series II 10-Year Fixed Rate Bond (Series II Bond) announced on 21 September 2021. The Series II Bond represents the completion of the N200 billion registered shelf programme. In addition, the bond issuance continues to reinforce MTN Nigeria’s strategy of diversifying its funding sources.

 ‘’MTN Nigeria will launch the book build in respect of the Series II Bond on 8 October 2021.’’

Nairametrics had earlier reported plans by MTN Nigeria to issue a 10-Year Series II bonds worth N89.999billion. The offer represents the completion of a N200 billion registered shelf programme initiated by the teleco.

Other relevant information about the offer is succinctly captured below;

Principal Redemption: 7 Year Moratorium, Amortizing thereafter in 3 equal annual instalments until maturity.

Minimum Subscription: N10 million and in multiples of N1 million thereafter

Interest Basis: Fixed Rate

Tenor: 10 Years

Lead Issuing House: Chapel Hill Denham Advisory Limited

Joint Issuing Houses: Stanbic IBTC Capital Limited, DLM Advisory Limited, FBNQuest Merchant Bank Limited, FCMB Capital Markets Limited, Rand Merchant Bank Nigeria Limited and Vetiva Capital Management Limited.

Listing: FMDQ Securities Exchange Limited

MTN Nigeria is a leading telecommunications company and a subsidiary of MTN Group. Since it launched its operations in Nigeria in August 2001, the firm has grown in leaps and bounds. It now provides services in over 223 cities and towns and more than 10,000 villages and communities spanning the 36 states and the FCT.

The Company is the largest mobile operator and undisputed market leader in Nigeria as measured by total mobile subscribers (c. 68.9 million), and active data users (c. 32.5 million)

As at the period of filing this, MTN Nigeria Plc is currently trading N174 per share on the floor of the Nigerian Exchange Limited (NGX).



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