BY OLUSHOLA BELLO, Lagos
MTN Nigerian Communications (MTNN) Plc said it has obtained the approval of the Securities and Exchange Commission (SEC) to launch the Series II 10-Year Fixed Rate Bond.
The company, in a statement signed by its secretary, Uto Ukpanah, said: “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 launched the book build in respect of the Series II Bond on October 8, 2021.”
A statement by Chapel Hill Denham Advisory Limited said: “We are pleased to inform you of the upcoming launch of MTN Nigeria Communications Plc’s Series two Bonds of up to N89.999 billion under its N200 billion bond issuance programme.
“MTN Nigeria is the leading telecommunications operator in the largest telecommunications market in Africa and the largest mobile operator and the undisputed market leader in Nigeria in terms of total mobile subscribers (68.9 million), and active data users ( 32.5 million).”
It stated that the telecom firm is well-positioned for the long term with its unmatched investments in its infrastructure; most expansive 2G, 3G, and 4G network, largest fibre network (c. 30,000km) spanning across Nigeria, largest physical and digital distribution platform, and wide range of spectrum holdings, coupled with the exciting Nigerian market opportunity.
It noted that most recently, MTN Nigeria’s credit rating was upgraded to the highest possible long and short-term corporate rating of “AAA” by GCR.
MTN Nigeria is the first mobile network operator in Africa and is one of two corporates in Nigeria to be accorded such ratings, saying, the rating reflects the company’s very strong competitive position, as well as its strong earnings and cash flow, which have supported a robust financial profile