MTNN Raises N42.20bn Via Commercial Paper

MTN Nigeria Communications (MTNN) Plc has raised the sum of N42.20 billion through the commercial paper (CP) issuance.

The company in a statement signed by its secretary, Uto Ukpanah notified Nigerian Exchange Limited and the investing public of the successful completion of its Series 15 and 16 Commercial Paper issuance under the Company’s N250 billion Commercial Paper Issuance Programme where the Company raised N42.20 billion.

It added that “the 180-day and 270-day CP were issued at yields of 27.50 per cent and 29.00 per cent, respectively, with an issue date of December 23, 2024. This follows the successful completion of two prior CP issuances in the last two months.”

MTNN stated that the proceeds will be applied towards the Company’s short-term working capital requirements.

The chief executive officer of MTN Nigeria, Karl Toriola said, “we are grateful for the success of this transaction which underscores investor confidence in MTN Nigeria’s business model and management team.

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“The CP Issuance is part of our established funding strategy and would not have been possible without the unwavering support of the investor community, as well as our advisers.”

MTN Nigeria has been actively raising funds through its N250 billion Commercial Paper Issuance Programme, a strategic initiative designed to support its operational and business goals.

The recent Series 15 and 16 issuances achieved an 84.4 per cent subscription, reflecting ongoing investor interest. On November 29, 2024, the company successfully launched Series 13 and 14 Commercial Papers, offering yields of 27.50 per cent for the 181-day tenor and 29.00 per cent for the 270-day tenor.

Initially aimed at N50 billion, these issuances saw overwhelming demand, resulting in an oversubscription of 144 per cent and ultimately raising N72.18 billion.