MTN Nigeria issues N100bn Commercial Papers

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.