Mtn Nigeria, Led By Karl Toriola, Secures 27.1 Million Through Commercial Paper Issuance
- MTN Nigeria raised N42.20 billion27.1 million through Series 15 and 16 Commercial Paper issuances, part of a N250-billion 160.56 million program.
- The issuances, offered at yields of 27.50 180-day tenor and 29 270-day tenor, aim to support short-term working capital needs.
- MTN Nigeria continues to bolster its liquidity, showcasing robust investor confidence despite economic challenges.
MTN Nigeria, the countrys largest telecommunications company, led by Chief Executive Officer Karl Toriola, has successfully concluded its Series 15 and 16 Commercial Paper CP issuance, raising N42.2 billion 27.1 million as part of its funding strategy.
The issuance is a component of MTN Nigerias N250-billion 160.56 million commercial paper program and follows two successful issuances in recent months. The proceeds from the 180-day and 270-day papers, issued at competitive yields, will be deployed to meet short-term working capital requirements.
Strengthening market confidenceThe commercial papers , with maturities of 180 and 270 days, were priced at yields of 27.50 percent and 29 percent, respectively, with an issue date of Dec. 23, 2024 marking the third successful CP issuance by the company in the past two months.
In December 2024, Nigeria's largest telecommunications company successfully concluded its Series 13 and 14 Commercial Paper CP issuances, raising an impressive N72.18 billion 46.6 million in an offering that witnessed overwhelming demand.
This resulting in a 144 percent oversubscription, underscoring the strong investor confidence in MTN Nigeria's operational excellence and strategic direction.