Nigeria's largest telecommunication operator, MTN Nigeria Communications PLC (MTN Nigeria) has announced plans to raise ₦50 billion through its latest issuance of commercial paper (CP) Series 11 & 12 under its ₦250 billion Commercial Paper Issuance Programme. This announcement was contained in a notification to the Nigerian Exchange Limited and the investing public on Monday 4th November. The proposed Series 11 and 12 CP issuance is part of the company's plans to diversify its financing options, with the funds to be deployed towards short-term working capital.
MTN had established a ₦150 billion Commercial Paper Issuance Programme in April 2022 but subsequently increased the CP Programme from ₦150 billion to ₦250 billion in August 2023.
Advisors in the ₦250 billion CP issuance programme
ALN Nigeria | Aluko & Oyebode and Udo Udoma & Belo-Osagie act as joint legal advisers
EY acts as auditors, while Stanbic IBTC Capital acts as lead arranger/dealer.
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