MTN Nigeria acquires additional 2.6GHz spectrum
MTN Nigeria

MTN Nigeria has announced plans to issue N100bn commercial paper notes under its Commercial Paper Issuance Programme.

The Telecom company disclosed this in a corporate notice filed on the Nigerian Exchange Limited on Wednesday.

“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,” the company said.

The commercial papers notes are series 6 and 7 in the firm’s issuance programme.

In its debut issuance of commercial paper in June 2020, MTN raised N100bn and the issuance was 400 per cent subscribed.

A number of firms have been issuing commercial papers to raise short-term funds in the midst of a rising cost of funds.

The value of quoted commercial papers on the FMDQ Exchange stood at N539.22bn at the end of the first quarter of 2023.


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