MTN Nigeria has made known its intention to issue N100 billion commercial paper notes as part of its ongoing Commercial Paper Issuance Programme.
In a corporate notice filed on the Nigerian Exchange Limited (NGX), MTN Nigeria noted that this strategic move aims to diversify its financing avenues while directing the raised funds toward short-term working capital and other immediate funding needs.
The company’s planned commercial paper notes are labeled as series six and seven within its established issuance programme.
“The issuance is part of the company’s strategy to diversify its financing options with the funds being deployed towards short-term working capital and funding requirements,” it noted.
It will be recalled that MTN Nigeria’s debut issuance of commercial paper in June 2020 proved to be highly successful, with the company raising N100 billion, an offering that was met with an overwhelming subscription of 400 percent.
Meanwhile, NGX has admitted additional 641 million ordinary shares of MTN Nigerian Plc into its platform arising from the company’s scrip dividend scheme.
