MTN Nigeria raises N125bn via commercial papers
MTN Nigeria has raised N125 billion through the issuance of commercial papers in order to meet its short-term working capital and funding needs.
On Monday, the company informed the Nigerian Exchange Limited that it had completed the Series 4 and 5 Commercial Paper issuances under its N150 billion Commercial Paper issuance program.
According to the notice signed by Company Secretary Ufo Ukpanat, MTN Nigeria sought to raise N100 billion, and the transaction was fully subscribed, raising N125 billion.
A 188-day commercial paper with a yield of 11% and a 267-day commercial paper with a yield of 12.50% were among the commercial papers.
On March 1, 2023, the CP Issuance was completed.
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