FMDQ Exchange approves quotation of MTN Nigeria CP worth N73.5 billion

MTN Nigeria Limited supplier

MTN Nigeria Series III and Series IV Commercial Papers (CP) worth a total of N73.5 billion has been officially approved and quoted on the platform of FMDQ OTC Securities Exchange.

The recent quotation is part of an N200 billion CP Issuance Programme earlier announced by the firm after it obtained regulatory approval from FMDQ to raise its CP offering from N100 billion to N200 billion, due to the outstanding success recorded in its debut series I and series II CP Issuance in June 2020.

Recall that the telecommunications giant recently revealed that it raised a total of N73.51 billion through the issuance of the aforementioned CPs. To consolidate the gain, Nigeria’s biggest Exchange, FMDQ approved the quotation of the CPs to its platform.

Confirming the recent development, a notice sent by FMDQ OTC and seen by naijabusiness.com.ng read: ‘’FMDQ Exchange is pleased to announce the approval for the quotation of the MTN Nigeria Communications PLC ₦19.77bn Series 3 and ₦53.74bn Series 4 CPs under its ₦200.00bn CP Issuance Programme on its platform.’’

READ: MTN Makes History, Issues Nigeria’s First Telco And 2021 Largest Corporate Bond Worth N110

It is imperative to note that the the book build for the series III and series IV CP Issuances commenced on 11th of March, 2021 and closed on 19th of March, 2021.The aforementioned CPs cleared at a discount rate of 6.7652% and 7.5546% respectively.

Naijabusiness.com.ng gathered that the proceeds from the CP will be used to meet working capital requirements and for general corporate purposes. On the other hand, FMDQ OTC also approved the listing of FSDH Funding SPV Plc series 1 bond worth N12 billion today. The listing is part of the firm’s N30 billion Debt Issuance Programme announced on the FMDQ platform.