MTN Nigeria Communications PLC hereby notifies the Nigerian Stock Exchange and the Investing Public of the successful issuance of N100 billion Series I & II Notes under the debut N100 Billion Commercial Paper (‘’CP’’) Programme.
MTN Nigeria priced the series I 180 day CP at an effective yield of 4.90% for a N20 billion size and the series II 270 day CP sized at N80 billion cleared at an effective yield of 5.95%. MTN initially set out to issue up to N50 billion under the N100 billion CP programme but, at the conclusion of the bookbuild, the CP Issuance was c.400% subscribed.
Given the significantly over-subscribed book, MTN Nigeria opted to issue up to the N100 billion limit of the registered CP Programme, with active participation from a diverse orbit of eligible individual and institutional investors, which include pension fund administrators, asset managers, corporates and other financial institutions.
The N100 billion issued is the largest debut Commercial Paper Issuance by a Nigerian corporate. The proceeds from the CP Issuance will be applied towards MTN Nigeria’s working capital and general corporate purposes. The Series I and II will be listed on the FMDQ Securities Exchange and Chapel Hill Denham acted as Arranger and Dealer on this debut Commercial Paper transaction.