MTN Nigeria Communications Plc has started its Commercial Paper (CP) Issuance, series 1 & 2 of N50 billion each, under its N100 billion CP issuance programme. Afrinvest in a note to investors said “We are pleased to inform you that MTN Nigeria Communications Plc (“MTN Nigeria” or “the Company”) is seeking to raise up to N50.0bn in Series 1 and Series 2 Commercial Paper issuance under its N100.0bn Commercial Paper (“CP”) Programme in order to support its working capital and general corporate purposes. This issuance under the CP Programme marks MTN Nigeria’s debut in the domestic debt capital market.
“MTNN is the leading telecommunications operator in the largest telecoms market in Africa. The Company is the largest mobile operator and undisputed market leader in Nigeria as measured by total mobile subscribers (c. 70 million), active data users (c. 26.8 million), revenue (almost 50.0% of industry), and profit pool. MTNN is well positioned for the long term with its unmatched investments in its infrastructure – most expansive 2G, 3G, and 4G network, largest fibre network (c. 29,000km) that spans across Nigeria, largest physical and digital distribution platform, and wide range of spectrum holdings – and the exciting market opportunity Nigeria brings. Mobile voice and data subscription will continue to be a major part of consumer spending, largely driven by increased adoption by the young population. It is important to note that in the recent COVID-19 environment, MTNN has continued to sustainably add new subscribers, and customer voice and data usage remains resilient.
“The offer opens on Thursday, May 28 and closes on June 4th with a minimum subscription of N1 million. MTN plans to raise N100 billion in series 1 & 2 commercial paper issuance N50billion each. MTNN is the leading telecommunications operator in the largest telecoms market in Africa. The company is the largest mobile operator and undisputed market leader in Nigeria, as measured by total mobile subscribers (c. 70 million), active data users (c. 26.8 million), revenue (almost 50% of industry), and profit pool”.
