MTN Nigeria Communications Plc has successfully raised N42.2 billion through its Series 15 and 16 Commercial Paper (CP) issuance. The funds are part of the company’s N250 billion CP programme and will be directed towards meeting its short-term working capital needs.
The telecom giant announced the issuance of the 180-day and 270-day CPs with respective yields of 27.50% and 29%, dated December 23, 2024. This marks MTN Nigeria’s third successful CP issuance in recent months, reflecting its steady execution of funding strategies.
Supporting MTN Nigeria’s Growth
Proceeds from the CP issuance are expected to bolster MTN Nigeria’s operational activities as the company continues to drive expansion and innovation in the telecom sector. The issuance was facilitated by Stanbic IBTC Capital Limited as the Arranger and Dealer, with joint dealer roles performed by CardinalStone Partners Limited, Chapel Hill Denham Advisory Limited, Cordros Capital Limited, Coronation Merchant Bank Limited, FCMB Capital Markets Limited, Meristem Capital Limited, Quantum Zenith Capital & Investments Limited, and Vetiva Advisory Services Limited.
CEO Comments on Investor Confidence
Karl Toriola, MTN Nigeria’s Chief Executive Officer, expressed gratitude for the success of the transaction, attributing it to the strong confidence investors have in the company’s business model and management team.
“This CP issuance is an integral part of our funding strategy and reflects the unwavering support from the investor community and our trusted advisers. We remain committed to delivering value to our stakeholders while advancing our strategic objectives,” Toriola stated.
Strengthening Market Confidence
MTN Nigeria’s continued success in the commercial paper market underscores its solid financial standing and effective management. The funds raised will play a key role in supporting the company’s ongoing operations and maintaining its leadership position in Nigeria’s telecommunications industry.
This achievement highlights investor trust in MTN Nigeria and its ability to meet short-term financial needs while pursuing long-term growth.
