MTN Nigeria Communication Plc has proposed the issuance of up to N72.1 billion series 10 commercial paper notes under its N250 billion commercial paper issuance programme.
This was contained in the company’s notice to the Nigerian Exchange Limited and the investing public seen by Nairametrics.
According to the statement signed by Uto Ukpanah, Company Secretary, the issuance is part of the company’s strategy to diversify its funding sources with the funds being deployed towards short-term working capital requirements.
MTN Nigeria had said that it successfully raised N52.9 billion as it completed Series 8 & 9 of its N20 billion commercial paper issuance programme.
According to a statement, MTN Nigeria raised a total of N52,895,846,000 through both series, and the offer was fully subscribed by investors.
It is also noted that the 182-day commercial papers were issued with a yield of 14.00% and the 267-day commercial papers were issued with a yield of 16.00%. The issuance was completed on November 7.
MTN Nigeria’s CEO, Karl Toriola noted,
- “We are grateful for the success of this transaction which demonstrates investor confidence in the performance and management of MTN Nigeria. The market terrain is changing and managing our funding costs is a key focus.
- “The transaction was concluded in record time and this could not have been possible but for the unwavering support of our advisers and the investor community.”
What you should know
MTN Nigeria Communications Plc recorded a year-on-year decline of 75.7% in its profit before tax to N32.08 billion in Q3 2023, as compared to N132.04 billion in Q3 2022.
According to the group’s financial statement for the period ending September 30, 2023, the group recorded a revenue of N614.2 billion in Q3 2023, a 21.4% year-on-year increase from the corresponding period in 2022.
The figure modified the group’s nine-month revenue to N1.78 trillion, an increase of 21.76% year-on-year from the corresponding quarter in 2022.
