The CP was in two series. The telco stated that it priced the Series I 180 CP at an effective yield of 4.90% for a N20 billion size, while the Series II 270 day CP sized at N80 billion was said to have cleared at an effective rate of 5.9 per cent.
MTN Nigeria in a statement posted on the NSE website, which was signed by its Company Secretary,
The proceeds from the CP would be used to support MTN Nigeria's working capital and general corporate purposes.
It added: "Given the significantly over-subscribed book, MTN Nigeria opted to issue up to the N100 billion limit of the registered CP Programme, with active participation from a diverse orbit of eligible individual and institutional investors, which include pension fund administrators, asset managers, coporates and other financial institutions."
The level of MTN Nigeria's debut in the Nigerian debt market (as measured by the volume and value of bids), was described as a strong reflection of investor confidence in the telco's ability to continue to deliver on its strategic objectives and maintain market leadership.
Commenting at the successful CP issuance, the Chief Executive Officer, MTN Ferdinand Moolman, said it was the largest commercial paper issuance recorded in
He added: "The N100 billion issued is the largest commercial paper issuance by a Nigerian corporate, it allows us to broaden our sources for funding and combines our established lines of credit with access to capital market funding, which will lower our overall cost of borrowing."
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