MTN Nigeria Communications (MTNN) Plc issued a N115 billion Series 1one Fixed Rate Bond and was successful in raising the required funds.
The deal, which was 1.68 times oversubscribed, is MTN Nigeria's third bond offering in the Nigerian debt capital markets and first under the terms of its new N200 billion bond programme.
This was mentioned in a press statement sent to the investing public and signed by its company secretary Uto Ukpanah.
A total of 168.54 billion in bids were received, exceeding the anticipated N100 billion issuance by 1.68 times, during the dual-tranche, four-year Tranche A and 10-year Tranche B bond issuance book build, which started on September 15, 2022, and ended on September 21, 2022, according to the announcement.
“The Offer was well received with active participation from a diverse range of investors, including pension funds, insurance companies, asset managers, other financial institutions, and high net worth individuals. The Series one Tranche A and Tranche B Bonds were issued at a clearing coupon of 13.50 per cent and 14.50 per cent, respectively. Of the total qualifying bids, MTN Nigeria opted to issue a combined value of $115 billion across both tranches; N10.09 billion in the four-year Tranche A and $104.91 billion in the 10-year Tranche B.