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Mtn Nigeria Commercial Papers: MTN Nigeria Communications PLC (MTN Nigeria) has announced plans to raise N50 billion through its latest issuance of commercial paper (CP) under its N250 billion Commercial Paper Issuance Program.
This Series 11 and 12 CP issuance aims to strengthen MTN Nigeria’s short-term working capital and diversify its financing base, according to a notification to the Nigerian Exchange Limited and the investing public.
In a note published on the Nigerian Exchange Limited’s website, the company stated that the issuance is part of its strategy to diversify its financing options.
“The issuance is part of the Company’s strategy to diversify its financing options, with the funds being deployed towards short-term working capital requirements,” it said.
The telecommunication giant said that the Series 11 and 12 CP issuance is targeted at strengthening its short-term working capital. As MTN Nigeria aims to tap the debt market, the plan is also aimed at diversifying its financial base.
Last year, MTN Nigeria raised N72.1 billion in the series 10 commercial paper issuance, still under the N250 billion commercial paper issuance programme, recording a 149 percent subscription rate.
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MTN Nigeria’s N250 billion CP program allows it to issue multiple CP series as needed, enabling it to meet cash flow demands and service short-term debt without over-relying on long-term financing.
While the company has yet to disclose specific terms of the Series 11 and 12 notes, further details are expected to be shared in the coming weeks.
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