MTN notifies NGXE, investors on N127b series 1&2 commercial paper


MTN Nigeria Communications Plc has notified the Nigerian Exchange Limited and the investing public of its N127 billion series 1 and 2 commercial paper insurance under its N150 billion registered commercial paper programme.

In a statement released by NGX Exchange information portal, the Company Secretary, Uto Ukpanah, stated that the issuance comprises two tenors of 184-day series issuance period at a 7.50 per cent yield and a 345-day series 2 issuances priced at 8.50 percent yield.

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According to the report, Stanbic IBTC Capital Limited acted as the lead arranger and Dealer, while Chapel Hill Denham Advisory Limited, Coronation Merchant Bank Limited, FBN QUEST Merchant Bank Limited, FSDH Capital Limited, Standard Chartered Capital, Advisory Nigeria Limited and UCML Capital Limited acted as joint dealers.

Ukpanah stated that the issuance was in line with the company’s strategy to diversify its funding options with the proceeds being deployed towards working capital and general operations purposes,” the statement said.

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