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Home Business News

MTN Borrows $1 billion That Could Help To Sort Out Fines

Nairametrics by Nairametrics
October 7, 2016
in Business News
MTN: Federal Government May Further Slash Fine
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MTN has raised about $1 billion via sale of bonds, the first time it has done this since 2014.

MTN recently agreed a fine of about N350 billion with Nigerian Communications Commission (NCC) leading it to declare its first ever loss last year.

According to MTN “Proceeds of the issue, which is due to settle on 13 October 2016, will be used for purposes of capital expenditure; to pay down working capital facilities; and for general corporate purposes,”

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We expect that some of the cash flows will be channelled towards payments of the Nigerian fine which it had staggered for about three years in an agreement with the NCC.

MTN borrowed two notes of $500 million each, maturing in February 2022 and October 2026 respectively.

The five year note has a coupon of 5.37% and the ten year note 6.5%, compared to a coupon of 4.75% percent the last time it issued a 10 year bond in 2014.

 


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Nairametrics

Nairametrics is Nigeria's top business news and financial analysis website. We focus on providing resources that help small businesses and retail investors make better investing decisions. Nairametrics is updated daily by a team of professionals. Post updated as "Nairametrics" are published by our Editorial Board.

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  • NLC orders indefinite strike in Ogun over contributory pension, minimum wage concerns 
  • Court convicts 2 companies for illegally collecting N80 Million from investors in Lagos 
  • Alleged Fraud: Ex-AGF Nwabuoku refunds N220m and Duplex to EFCC in Non-Conviction Bid 

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NLC orders indefinite strike in Ogun over contributory pension, minimum wage concerns 

July 15, 2025
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July 15, 2025
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