MTN Nigeria secures N72.18bn loan to boost working capital
MTN Nigeria Communications has raised N72.18 billion through a commercial paper (CP) issuance to support short-term working capital requirements.
The telecommunications company announced on Friday the successful completion of its series 13 and 14 CP issuance under its N250 billion CP issuance programme.
It sought to raise N50 billion, but the offer recorded a 144% oversubscription with N72.18 billion issue, according to a statement. The 180-day and 270-day CP were issued at yields of 27.50% and 29.00%, respectively, with an issue date of 29 November 2024, the telco said.
This follows the N75.18 billion CP issued on 7 November 2024, demonstrating investor confidence in the management and financial performance of MTN Nigeria.
“We are pleased with the support received from the investor community, having recorded 144% subscription with participation from a broad range of investors. This further reinforces MTN Nigeria’s financial position, brand strength and market leadership amidst the challenging macro conditions,” Karl Toriola, its CEO, said.
Stanbic IBTC Capital Limited acted as the lead arranger and dealer, with CardinalStone Partners Limited, Chapel Hill Denham Advisory Limited, Cordros Capital Limited, Coronation Merchant Bank Limited, FCMB Capital Markets Limited, Meristem Capital Limited, Quantum Zenith Capital & Investments Limited and Rand Merchant Bank Nigeria Limited as joint dealers.