Nigeria News
CP Sales: MTN set to borrow N150bn from local investors
GSM network provider giants, MTN Nigeria, is set to obtain about N150 billion from local investors through the sale of commercial papers.
In a notice, the subsidiary of MTN Group said the funds raised from the exercise would be used “for working capital and general corporate purposes.”
The company is issuing the papers in two series under its N150 billion Commercial Paper Issuance Programme.
Details of the exercise indicated that series 1 has a tenor of 186 days and a discount rate of 6.5255 per cent and an implied yield of 6.7500 per cent, while series 2 has a tenor of 256 days and a discount rate of 7.3505 per cent and an implied yield of 7.7500 per cent.
The offer, which comes with applicable taxes, including a withholding tax payment and VAT, has a minimum subscription of N5 million and N1 million thereafter.
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