MTN Nigeria applies for N200 billion Bond Issuance Programme

MTN Nigeria Communications Plc has applied to the Securities and Exchange Commission in respect of the registration of a new N200 billion Bond Issuance Programme.

This was contained in a disclosure filed to the exchange on MTN Nigeria Communications Plc to register a follow-on N200 billion Bond Issuance Programme.

The company said the proceeds of the new bond issuance will be used for capital expenditure, working capital management and general corporate purpose.

What MTN is saying

The company stated, “MTN Nigeria Communications Plc has applied to the Securities and Exchange Commission in respect of the registration of a new N200 billion Bond Issuance Programme (Second Bond Issuance Programme).

“This second Bond Issuance Programme is a follow-on to the successful N200 billion debut Bond Issuance Programme in 2021 under which the company issued the N110 billion 13.00% 7-year series I bond due by 2028 and N90 billion 12.75% 10-year series II bonds due 2031. The proceeds of the bond issuance will be used for capital expenditure (network expansion), working capital management and general corporate purpose.

“The company will decide on issuance under the second Bond issuance Programme in due course subject to prevailing market conditions and obtaining relevant regulatory approvals.”

What you should know

• Also year, MTN Nigeria Communications (MTN Nigeria) announced the listing of its N110 billion Series 1 Senior Unsecured Fixed Rate Bond on the platform of FMDQ Securities Exchange Limited.
• The announcement came after the Board Listings and Markets Committee of the Securities Exchange had approved the listing of the bond.