MTN Nigeria Proposes N23 Billion Series 3 Commercial Paper Notes

MTN Nigeria has proposed N23 Billion Series 3 Commercial Paper Notes.

MTN Nigeria Communications Plc has proposed the issuance of up to N23 billion series 3 Commercial paper notes.

This is contained in a disclosure filed to The Exchange titled, “MTN Nigeria Communications Plc proposed Issuance of up to N23 billion series 3 Commercial paper notes.”

According to the company, the development is part of the company’s strategy to diversify its financing options, with the funds deployed towards working capital and general corporate purposes.

What MTN is saying

It stated that the proposed series 3 commercial paper is part of the N150 billion issuance programme. It stated, “MTN Nigeria Communications Plc hereby notifies Nigerian Exchange Limited and the investing public of its proposed issuance of up to N23 billion series 3 Commercial Paper notes under its N150 billion Commercial Paper Issuance Programme.

“The Issuance is part of the Company’s strategy to diversify its financing options, with the funds deployed towards working capital and general corporate purposes.

“Further details on the issuance as well as subsequent issuance will be communicated to the market as the transaction occur.”

What you should know

• In April that MTN Nigeria issued N127 billion Series 1 & 2 Commercial Paper under its registered N150 billion Commercial Paper Programme.
• The issuance comprised two tenors – a 184-day Series issuance priced at a 7.50% yield and a 254-day Series 2 issuance priced at an 8.50% yield.
• The company said the issuance was in line with its strategy to diversify its financing options, with the proceeds being deployed towards working capital and general corporate purposes.
• In July, the company also applied to the Securities and Exchange Commission in respect of the registration of a new N200 billion Bond Issuance Programme.
• Securities and Exchange Commission in respect of the registration of a new N200 billion Bond Issuance Programme.