MTN Nigeria plans to issue two series of commercial papers worth N52.895bn, according to a corporate notice filed with the Nigerian Exchange Limited on Thursday.
In the notice, the company said that Series 8 & 9 Commercial Paper notes would be under its N250bn Commercial Paper Issuance Programme.
The notice signed by Uto Ukpanah, company secretary, said, “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,” with a promise to provide more details to the market later.
Recently, MTN Nigeria raised N125bn through the issuance of commercial papers series 6 & 7.
Although, the company said it sought to raise N100bn, the offer recorded 146 per cent subscription with N125bn raised across both series.
The series included a 181-day commercial paper at a yield of 13 per cent and a 265-day CP at a yield of 13.50 per cent with an issue date of August 23, 2023.
