MTN Nigeria Communications Plc is set to launch a Series 2 Bond of about N89.99bn.

A mail sent from Chapel Hill Denham Advisory Limited to MTN investors and reported by Nairametrics, said, “Chapel Hill Denham Advisory Limited is pleased to inform you of the upcoming launch of MTN Nigeria Communications Plc’s Series 2 Bonds of up to N89.99bn under its N200bn Bond Issuance Programme.

“MTN Nigeria is the leading telecommunications operator in the largest telecommunications market in Africa. The company is the largest mobile operator and undisputed market leader in Nigeria as measured by total mobile subscribers (c. 68.9 million), and active data users (c. 32.5 million).

“MTN Nigeria is well-positioned for the long term with its unmatched investments in its infrastructure – most expansive 2G, 3G, and 4G network, largest fibre network (c. 30,000km) spanning across Nigeria, largest physical and digital distribution platform, and wide range of spectrum holdings – coupled with the exciting Nigerian market opportunity.

“Most recently, MTN Nigeria’s credit rating was upgraded to the highest possible long and short-term corporate rating of ‘AAA’ by GCR. MTN Nigeria is the first mobile network operator in Africa and is one of two corporates in Nigeria to be accorded such ratings.

“The rating is a reflection of the company’s very strong competitive position, as well as its strong earnings and cash flow, which have supported a robust financial profile.

“The ratings further reflect MTN Nigeria’s experienced and dedicated management team, and the beneficial relationship with MTN Group – Africa’s leading cellular telecommunications company servicing over 251 million subscribers, with a strong presence in 21 countries (including the Middle East).”

According to the company, the bond tenor is 10 years and will be used for the optimisation of finance and network expansion.