MTN Nigeria Communications Plc says it has obtained the approval of the Securities and Exchange Commission to launch the Series II 10-Year Fixed Rate Bond (Series II Bond) announced on 21 September 2021.
The company said this on the Nigeria Exchange Group portal. According to the company this represents the completion of its N200bn registered shelf programme.
The statement said the bond issuance continued to reinforce MTN Nigeria’s strategy of diversifying its funding sources.
It said it would launch the book build in respect of the Series II Bond on October 8.
In September, The PUNCH had given a hint on bond in a mail sent from Chapel Hill Denham Advisory Limited to MTN investors.
The mail had 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.”
At the time, the company had said the money raised would be used for the optimisation of finance and network expansion.