MTN Nigeria Successfully Raises N125 Billion Through Commercial Papers

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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