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HomeBusinessMTN Nigeria launches book build for N100 bln 4-bond, 10-year bonds

MTN Nigeria launches book build for N100 bln 4-bond, 10-year bonds

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By Samuel Bankole

MTN Nigeria, the local unit of South Africa’s telecoms giant on Thursday said it has launched the book build for up to N100 billion in two trance of 4-year and 20 years bond series 1 Trance A and B bonds under its N200 billion bond issuance programme following the completion of registration with the capital market regulator.

In a filing with the Nigerian Exchange Limited, the telecom firm said it plans to sell up N100 billion worth in two trances in the series 1 bond under the just registered issuance programme.

In the regulatory communication, MTN said it has received the Securities and Exchange Commission (SEC) approval to launch the 4-year and 10-year tranche A and B debt.

“The issuance continues to reinforce MTN Nigeria’ssstrategy of diversifying its funding sources in line with its corporate objectives.,” the telecom firm said in the regulatory filing.

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The second Bond Issuance Programme is a follow-on to the successful N200 billion debut Bond Issuance Programme in 2021 under which the Company issued the N110 billion 13.00 per cent 7 Year Series I bonds due 2028 and N90 billion 12.75 per cent 10 Year Series Il bonds due 2031.

Last week, MTN announced plans to raise N23 billion in Commercial Paper (CP), in a bid to diversify its funding sources.

“The issuance is part of the company’s strategy to diversify its financing options, with the funds deployed towards working capital and general corporate purposes.

“Further details on the issuance as well as subsequent issuance will be communicated to the market as the transactions occur,” the company said in the regulatory communication.

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