MTN Nigeria issues N127 Billion Series 1 & 2 Commercial Paper
MTN Nigeria has notified the Nigerian Exchange Limited and the investing public of its N127 billion Series 1 & 2 Commercial Paper Issuance under its registered N150 billion Commercial Paper Programme. The Issuance comprised two tenors – a 184-day Series 1 issuance priced at a 7.50% yield and a 254-day Series 2 issuance priced at an 8.50% yield.
Stanbic IBTC Capital Limited acted as Lead Arranger and Dealer, while Chapel Hill Denham Advisory Limited, Coronation Merchant Bank Limited, FBNQuest Merchant Bank Limited, FSDH Capital Limited, Standard Chartered Capital & Advisory Nigeria Limited and UCML Capital Limited acted as Joint Dealers.
According to MTN, the Issuance is in line with the company’s strategy to diversify its financing options, with the proceeds being deployed towards working capital and general corporate purposes.
Speaking at the signing ceremony on Monday in Lagos, Karl Olutokun Toriola, Chief Executive, MTN Nigeria, expressed delight to have successfully concluded what will go into the record books as the largest Commercial Paper issuance in Nigeria. He noted that the success of the company’s CP Issuance is a clear demonstration of the strength and acceptance of the MTN brand, and the trust placed by the investor community in its leadership, strong financial performance and corporate strategy.
“Having emerged as one of two winners for the 5G spectrum recently auctioned by the Nigerian Communications Commission (NCC) and also having just been granted final approval by the Central Bank of Nigeria (CBN) for Momo Payment Service Bank Limited to commence operations license, this landmark issuance represents yet another step towards our cementing MTN Nigeria’s leadership in Nigeria’s telecommunications sector,” he said.
Mr. Toriola thanked the telecom giant’s customers and the investor community for their continued support and confidence in the MTN brand and all it stands for.
“We thank Stanbic IBTC Capital, our Lead Arranger and Dealer on this landmark CP Issuance, and our Joint Dealers – Chapel Hill Denham, Coronation Merchant Bank, FBNQuest Merchant Bank, FSDH Capital, Standard Chartered and UCML Capital. We also thank all other professional parties to the transaction, who worked tirelessly to ensure its timely and successful completion and the board and management of FMDQ Securities Exchange for providing an efficient platform for raising short term funding via the issuance of commercial papers.
“Lastly, I say a big thank you to my colleagues who anchored this landmark transaction for MTN Nigeria. Your hard work and dedication in getting this transaction over the finish line in a record time is highly appreciated.”
Photo caption: L-R: Chief Executive Officer, Stanbic IBTC Capital, Funso Akere; Chief Financial Officer, MTN Nigeria Communications Plc, Modupe Kadri; Chief Executive Officer, MTN Nigeria Communications Plc, Karl Olutokun Toriola and Chief Executive Officer, Stanbic IBTC Bank, Demola Sogunle, at the Signing Ceremony of its N127 Billion Series 1 & 2 Commercial Paper Issuance.
L-R: Chief Executive Officer, Stanbic IBTC Capital, Funso Akere; Chief Financial Officer, MTN Nigeria Communications Plc, Modupe Kadri; Chief Executive Officer, Stanbic IBTC Bank, Demola Sogunle; Chief Executive Officer, MTN Nigeria Communications Plc, Karl Olutokun Toriola and Company Secretary, MTN Nigeria Communications Plc, Uto Ukpanah, at the Signing Ceremony of its N127 Billion Series 1 & 2 Commercial Paper Issuance on Monday, April 25, 2022.
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