Telecom giant, MTN Nigeria Plc, has raised N125 billion from commercial paper issuance in the local debt capital market, the company said in a statement submitted to the Nigerian Exchange.
The sum raised under its series 4 and 5 was N25 billion above the N100 billion target it initially set. MTN Nigeria used the opportunity to ramp up funds as the offer was oversubscribed.
the company had announced a plan to raise N100 billion under its N150 billion commercial paper issuance program launched to support working capital requirements.
MTN informed the public it issued 188-day commercial paper at a yield of 11% and 267-day commercial paper at a yield of 12.50%. Also, it said commercial paper issuance was completed on March 1st, 2023. # MTN Nigeria Raised N125bn from Debt Market