MTN Nigeria Communication Plc, Nigeria’s biggest telecom sector has proposed the issuance of up to N72.1 billion series 10 commercial paper notes under its N250 billion commercial paper issuance programme.
This was revealed in the notice sent to the Nigerian Exchange Limited and the investing public.
The statement submitted to the NGX was signed by the Company Secretary, Uto Ukpanah, who stated that the issuance is part of the company's strategy to look for different ways to attract revenue with the purpose of the fund deployed towards short-term working capital requirements.
Conversely, MTN Nigeria said it was able to generate N52.9 billion as it completed Series 8 & 9 of its N20 billion commercial paper issuance programme.
According to a statement, MTN Nigeria raised a total of N52,895,846,000 through both series, and the offer was fully subscribed by investors, Nairametrics report.
The company also added that the 182-day commercial papers were issued with a yield of 14.00% and the 267-day commercial papers were issued a yield of 16.00%. This was said to be completed on November 7.
Read more: https://www.investingport.com/mtn-n...-of-n721-billion-series-10-commercial-papers/