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MTN floats additional N75b commercial papers

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FMDQ Securities Exchange Limited (FMDQ Exchange) has announced the approval and admission for quotation of the MTN Nigeria Communications PLC ₦19.77 billion series 3 and ₦53.74 billion series 4 commercial papers (CP) under its ₦200.00 CP issuance programme on its platform.

Speaking at the listing event, the Chief Financial Officer, MTN Nigeria, Modupe Kadiri, said the company was pleased with the success of the series 3 and series 4 CP issuances, which has further diversified its funding sources, helped to optimise finance cost as well as strengthen the Nigerian financial markets.

She said the issuance was well received by the market, with strong participation from a diverse group of investors, signifying the market’s continued confidence in the business.

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According to her, by quoting the CPs on FMDQ, the company can provide investors with a strong platform for liquidity and price discovery.

She said proceeds from the issuance would be deployed to boost the company’s working capital and general operations.

The Managing Director of Chapel Hill Denham Advisory Limited – a registration member (quotation) of FMDQ Exchange, Kemi Awodein, said the firm was honored to have worked with MTN Nigeria as sole arranger and dealer on the series 3 and series 4 CP issuances to raise an aggregate amount of ₦75.1 billion across the two series at competitive rates during a period of unsettling and volatility in the fixed income market.

She pointed out that the issuance represents the largest CP issuance this year and that its success demonstrates the issuer’s strong credit, leading position in the market and industry as well as its long-term prospects.

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