MTNN Issues Fixed Rate Bonds for N115 billion

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Image credit- The Guardian Nigeria News
Image credit- The Guardian Nigeria News

MTN Nigeria Communications (MTNN) Plc has issued N115 billion in Series 1 Fixed Rate Bonds with a successful raising. 

The deal, which was 1.68 times oversubscribed, is MTN Nigeria’s third bond offering in the Nigerian debt capital markets and the first under the terms of its new N200 billion bond program. 

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 bookbuild, which started on September 15, 2022, and ended on September 21, 2022, according to the announcement.

A  wide variety of investors, including pension funds, insurance firms, asset managers, other financial institutions, and high net worth individuals, actively participated in the Offer and gave it positive feedback.

The clearing coupons for the Series 1 Tranche A and Tranche B Bonds were 13.50% and 14.50%, respectively.

MTN Nigeria chose to issue a cumulative value of $115 billion over both tranches, or N10.09 billion in the four-year Tranche A and $104.91 billion in the 10-year Tranche B, out of the total qualifying bids.

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