MTN sets to raise N100 bln via commercial paper to finance working capital

By Samuel Bankole

The local unit of South Africa’s telecom giant, MTN Nigeria, has notified the Nigerian Exchange Limited (NGX) and the investing public of its proposed issuance of up to N100 billion in series 6 and 7 commercial papers under the company’s commercial paper issuance program.

In a regulatory filing with the NGX, the telecom firm said the funds will be deployed towards short-term working capital and funding requirements.

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“MTN Nigeria Communications PLC (“MTN Nigeria” or the “Company”) hereby notifies the Nigerian Exchange Limited and the investing public of its proposed issuance of up to N100 billion in Series 6 and 7 Commercial Paper notes under its Commercial Paper Issuance Programme (the “Issuance”).

“The Issuance is part of the Company’s strategy to diversify its financing options, with the funds being deployed towards short-term working capital and funding requirements.

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