MTN Nigeria Returns to FMDQ to Quote Additional Commercial Papers
MTN Nigeria Communication Plc. has returned to FMDQ Exchange Limited to quote additional commercial papers which the Exchange said has granted approval, admission for the telcos’ series 3 and 4 commercial papers on its platform.
“As businesses and institutions adjust to the new normal, corporate entities have continued to seek innovative and capital effective ways to source funding to finance their institutional needs.
“In keeping with its commitment to providing a reliable and credible platform to support capital formation, FMDQ Securities Exchange Limited announced the approval and admission for quotation of the MTN Nigeria Communications PLC ₦19.77 billion Series 3 and ₦53.74 billion Series 4 Commercial Papers.
“The capital raise comes under MTN Nigeria’s ₦200.00 billion commercial paper issuance programme on its platform”, the statement reads.
MTN Nigeria serves over sixty-one (61) million subscribers with national coverage and a fiber network that reaches every state in the nation.
The Chief Financial Officer, MTN Nigeria, Mr. Modupe Kadiri, said MTN Nigeria is very pleased with the success of our series 3 and Series 4 CP issuances, which further diversify our funding sources, help to optimise our finance cost, and strengthen the Nigerian financial markets.
Kadiri said the issuance was well received by the market, with strong participation from a diverse group of investors, signifying the market’s continued confidence in our business.
“By quoting these CPs, we are able to provide investors with a strong platform for liquidity and price discovery. The proceeds from the issuance will be deployed towards the company’s working capital and general corporate purposes”, MTN Nigeria CFO stated.
Speaking on this, the Managing Director of Chapel Hill Denham Advisory, Mrs. Kemi Awodein said the firm is honoured to have worked with MTN Nigeria as Sole Arranger and Dealer on the Series 3 and Series 4 CP issuances, raised an aggregate amount of ₦75.1 billion across the two series at competitive rates during a period of unsettling and volatility in the fixed income market.
“This issuance represents the largest CP issuance this year and its success demonstrates the issuer’s strong credit, leading position in the market and industry; as well as its long-term prospects”.
“As part of its mandate to organise and govern markets within its purview, and promote credibility and transparency in the Nigerian debt capital market space, FMDQ Exchange shall continue to provide an innovative and efficient platform targeted at supporting the aspirations of institutions and governments.
The Exchange said it will continue to making the Nigerian financial markets globally competitive, operationally excellent, liquid, and diverse, in line with FMDQ Group’s ‘GOLD’ Agenda, with a view to achieving its full potential of driving growth and development in the nation.
MTN Nigeria Returns to FMDQ to Quote Additional Commercial Papers
