FRI, NOV 03 2023-theGBJournal|MTN Nigeria Plc Thursday say the Offer for its N52.895 billion Series 8 & 9 Commercial Paper notes, under its N250 billion Commercial Paper Issuance Programme, is open to the investing public and will close today, Friday 3 November 2023.
The indicative settlement date is listed as Tuesday 7 November 2023 as minimum subscription is put at N5 million.
The telecoms giant, the third most valuable stock on the NGX with a market capitalization of NGN 5.16 trillion said ”the issuance is part of the company’s strategy to diversify its financing options with funds being deployed towards short-term working capital and funding requirements.”
The announcement, made public on the floor of Nigerian Exchange Limited listed Stanbic IBTC Capital Limited as the lead arranger.
Seven financial services institutions including Stanbic IBTC Capital Limited, ARM Securities Limited, Chapel Hill Denham Advisory Limited, FBNQuest Merchant Bank Limited, FCMB Capital Markets, Quantum Zenith Capital & Investments Limited and Rand Merchant Bank Nigeria Limited are listed as dealers in the deal that analysts say is big enough to wet the fee hungry investment banks’ appetite.
The Series 8 Commercial Paper has a Tenor of 180 days while the Series 9 is tenored for 267-days with a discount rate of 12.2100% and 13.5198% discount rate. The implied yield is 13.0000% and 15.0000% respectively.
The brokerage Commission is put also at 0.5% of volume.
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