MTN Nigeria says it has successfully raised N125 billion through commercial papers to fund operations.
LEGIT.NG reports that MTN disclosed this in a notice to the Nigerian Exchange Limited on Monday, March 6, 2023.
The telecommunications giant completed the Series 4 & 5 Commercial Paper issuance under its N150 billion Commercial Paper Programme.Information Guide Nigeria
In a notice signed by Ufot Ukpanat, the company’s secretary, MTN said that it sought to raise N100 billion but that the CP was 125% subscribers, thereby increasing it to N125 billion.
As reported by LEGIT.NG, the Papers include a 188-day CP at 11.00 yield% and 267-day commercial paper at 12.50 per cent.NYSC Portal
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MTN completed the Commercial Paper Issuance on March 1, 2023. The company said the CP is its plan to diversify its funding options and would it to fund short-term working capital and other requirements.
MTN Nigeria said: “The CP issuance is part of MTN’s strategy to diversify its funding options. The proceeds will be used for its short-term working capital and funding requirements.”
Commercial paper is used to finance short-term liabilities such as payroll, accounts payable, and inventories. It is an unsecured, short-term debt instrument issued by corporations. It’s
According to LEGIT.NG, commercial paper is usually published at a discount from face value. It reflects prevailing market interest rates.JAMB Result
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