MTN Nigeria Completes N200b Bond Programme With Subscribed N89.999 Series 11


MTN Nigeria, a leading telecoms services provider has announced the successful completion of the issuance of its N89.999 Series 11 10-Year 12.75% Fixed Rate Bonds due 2031 under the N200 billion Bond Issuance Programme

Newsbeatng reports that in a notice at the Nigerian Exchange signed by Uto Ukpanah, Company Secretary, the series 11 Bond was said to be the second issuance in 2021 by MTN Nigeria following the successful debut in May 2021 and this complete MTN Nigeria’s N200 billion bond issuance programme, which was fully subscribed.

“The book build process commenced on 8 October 2021 and was completed in 15 October 2021. The offer was well received with active participation from a diverse range of high value investors, including pension funds, insurance companies, assets managers, financial institutions, and high net worth individuals,” the notice said.

“During the book build, the total value of subscriptions received peaked at N133,454,000,000, representing a 1.48 times oversubscription. As a result, the Series 11 Bond was launched at the clearing coupon of 12.75% with N89.999.000.000 in qualified bids.”

Commenting on the bond issuance, Karl Toriola, Chief Executive Officer of MTN Nigeria said: “We continue to be grateful for immense investor support, as the domestic debt capital market has yet again given us the opportunity to raise long-term financing to aid investments in our network.

“In line with the company’s strategy, the bonds issued this year enable us to diversify funding sources and extend the maturity profile of the company’s debt portfolio.

“We are very proud of this landmark transaction and thank the investor community for their continued confidence in MTN Nigeria’s long-term strategy, our management team, and the overall telecoms industry.”

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Chapel Hill Denham Advisory Limited acted as the Lead Issuing House for the series 11 Bond, and Stanbic IBTC Capital, DLM Advisory, FCMB Capital market, FBNQuest Merchant Bank, Rand Merchant Bank, and Vetiva Capital management acted as Joint Issuing Houses.

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