MTN Nigeria Communications PLC has wrapped up its Series 13 and 14 Commercial Paper issuance under the company’s N250 billion Commercial Paper Issuance Programme.
Commercial paper is a short term debt instrument that is issued by companies to secure finances for a period of time.
Recall that MTN Nigeria posted that they had losses due to the loss in value in naira. In the first half of the year, the telecom company stated they had N519.1bn loss as a result of the depreciation of naira.
After the commercial paper issuance, they raised about N72.18 billion which is 144% over subscription and it is more than the N50 billion they were looking for.
In a statement issued by the company secretary, Uto Ukpanah noted that the earnings will be used to support the company’s short term requirements.
The MTN Nigeria’s Chief Executive Officer, Karl Toriola, said, “We are pleased with the support received from the investor community, having recorded 144% subscription with participation from a broad range of investors.
“This further reinforces MTN Nigeria’s financial position, brand strength and market leadership amidst the challenging macro conditions.”