MTN Nigeria Communications PLC (MTN Nigeria) has formally announced its intent to issue Series 15 and 16 Commercial Papers under its N250 billion Commercial Paper Issuance Programme.
The company has notified the Nigerian Exchange Limited and the investing public about this latest move, with the issuance targeting up to N50 billion.
This follows the remarkable success of the Series 13 and 14 issuances on November 29, which raised N72.18 billion—144 per cent above the initial N50 billion target.
MTN Nigeria’s recent history with commercial papers highlights strong investor confidence.
On November 29, the company issued Series 13 and 14 papers, offering yields of 27.50 per cent for a 181-day tenor and 29.00 per cent for a 265-day tenor.
The targeted N50 billion issuance attracted significant oversubscription, ultimately raising N72.18 billion.
This followed another successful issuance of Series 11 and 12 Commercial Papers on November 7, which garnered N75.1 billion.
Stanbic IBTC acted as the lead arranger and dealer for the Series 13 and 14 issuances, with joint dealers including CardinalStone, Chapel Hill Denham, Cordros, Coronation, FCMB, Meristem, Quantum Zenith, and Rand Merchant Bank.
The proceeds from these issuances are being directed toward enhancing MTN Nigeria’s operational efficiency and supporting growth initiatives.
In an official statement, MTN Nigeria emphasized its commitment to leveraging the Commercial Paper Programme to support both immediate and strategic objectives.
The programme itself is designed to raise funds in tranches, enabling the company to align its capital structure with evolving operational needs.
Despite its successful fundraising activities, MTN Nigeria has faced significant financial challenges in 2024.