MTN Nigeria to Raise Additional N50bn from Debt Market

MTN Nigeria to Raise Additional N50bn from Debt Market

MTN Nigeria Plc has announced a plan to raise an additional N50 billion from the debt capital market as the telecom company seeks to shore up working capital.

In a notice, the company told the Nigerian Exchange about its proposed issuance of N50 billion series 13 and 14 commercial paper sales to investors. The telecommunications company said its N50 billion Series 13 and 14 Commercial Paper is part of N250 billion Commercial Paper Issuance Programme.

MTN said the issuance aligns with the company’s strategy to diversify its funding options, with the proceeds deployed to support short-term working capital requirements. The company said it will further details on the issuance.

In an official statement earlier in the month, the telecom giant announced a N50 billion raise from series 11 and 12 commercial paper issuance as part of its N250 billion commercial paper registered with the authorities. #MTN Nigeria to Raise Additional N50bn from Debt Market Reforms: Fitch Revises Nigeria’s Outlook to Positive