THUR, NOV 09 2023-theGBJournal|MTN Nigeria Communications (MTNN) successfully completed its Series 8 & 9 Commercial Paper Issuance, raising N52.9 billion across both series with offer fully subscribed.
The Series 8 & 9 Commercial Paper Issuance is under the telecoms giant’s upsized N250 billion Commercial Paper Issuance programme.
Stanbic IBTC Capital Limited played the role of Arranger and Dealer with ARM Securities Limited, Chapel Hill Denham Advisory Limited, FBNQuest Merchant Bank Limited, FCMB Capital Markets Limited, Quantum Zenith Capital and Investments Limited and Rand Merchant Bank Nigeria Limited playing the role of joint dealers on the transaction.
”We were grateful for the success of this transaction which demonstrates investor confidence in the performance and management of MTN Nigeria,” Karl Toriola, MTNN’s Chief Executive Officer said while commenting on the deal.
MTNN said the Commercial Paper Issuance aligns with its strategy to reduce its average cost of debt and diversify its funding sources.
It added that the proceeds will be applied towards short-term working capital requirements.
”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,” Toriola said.
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