MTN Nigeria Communications Plc has notified the Nigerian Exchange (NGX) of its N127 billion Series 1&2 Commercial Paper issuance under its registered N150 billion commercial paper programme.

In a notice at the NGX, MTN said the issuance comprised two tenors – a 184- day Series issuance priced at a 7.50% yield and a 254-day Series 2 issuance priced at an 8.5% yield.

The notice said Stanbic IBTC Capital Limited acted as Lead Arranger and Dealer, while Chapel Hill Denham Advisory Limited, Coronation Merchant Bank Limited, FBNQuest Merchnat Bank Limited, FSDH Capital Limited, Standard Chartered Capital & Advisory Nigeria Limited and UCML Capital Limited acted as Joint Dealers

“The Issuance is in line with the Company’s strategy to diversify its financing options, with the proceeds being deployed towards working capital and general corporate purposes,” the notice said.