TUE 26 APRIL, 2022-theGBJournal | MTN Nigeria (MTNN) Monday announced the issuance of a N127 billion series 1&2 commercial paper, the largest issue in the country so far this year.
The regulatory filing was published on the NGX Exchange and the mobile telecoms giant said the issuance which is under its registered under its N150 billion Commercial Paper Programme, is part of a strategy to diversify its financing options.
MTNN says the Issuance comprised two tenors, a 184-day Series issuance priced at a 7.50% yield and a 254-day Series 2 issuance priced an 8.50% yield.
The Issuance comes barely two weeks after the Central Bank of Nigeria (CBN) granted MTNN final approval to begin operating Momo Payment Service Bank, and it is believed much of the latest issuance would be handy as working capital to facilitate the take off of the new bank.
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.
The Proceeds, MTNN said, will be deployed towards working capital and general corporate purposes.
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