MTN Nigeria to close Series III, IV CP issuance March 19

MTN Nigeria, a leading telecommunications operator in the largest telecoms market in Africa, has announced the closure of its Series III and IV Commercial Paper Issuance under its N200 billion Commercial Paper (CP) Issuance Programme on 19th March 2021.

The proceeds from the offer will be applied towards MTN Nigeria’s working capital and general corporate purposes.

The Company is the largest mobile operator and undisputed market leader in Nigeria as measured by total mobile subscribers (c. 76.5 million), active data users (c. 32.6 million), revenue (almost 50% of industry) and profit pool.

MTN Nigeria 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. 29,500km) spanning across Nigeria, largest physical and digital distribution platform, and wide range of spectrum holdings – coupled with the exciting Nigerian market opportunity.

Nigeria offers an attractive telecom market proposition as Africa’s largest economy and most populous country.

Mobile voice and data subscription continues to be a major part of consumer spending, largely driven by increased adoption by the young population.

It is important to note that in the prevailing COVID-19 environment, MTN Nigeria continues to sustainably strengthen its subscriber base, while customer voice and data usage remains resilient.

MTN Nigeria was issued a corporate A rating by Agusto & Co. which reflects the Company’s history of strong financial performance – record revenue in excess of N1 trillion (largest revenue by a listed corporate), stable and healthy operating profit metrics (c. +50% EBITDA margin), comfortably low leverage (0.4x Net Debt/EBITDA) predominantly in local currency,  strong fee cash flow – its experienced and dedicated management team, and the beneficial relationship with MTN Group – Africa’s leading cellular telecommunications company servicing over 251 million subscribers, with strong presence in 21 countries (including the Middle East).


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