MTN Nigeria Communications has announced plans to sell N100 billion worth of bonds.
In a notice issued on Thursday, the telecom giant noted that the papers would be issued in two maturities of 4 years and 10 years.
The fixed-rate senior unsecured bond to be issued by the company is under its new N200 billion bond issuance programme.
Subscription for the notes opened on Thursday, September 15, 2022, and is expected to close on Wednesday, September 21, 2022.
With the inflation rate in Nigeria hitting 20.52 per cent in August 2022, according to the National Bureau of Statistics (NBS), the bond is expected to be sold to investors between 13 per cent and 14 per cent.
Business Post learned that the paper would be sold at N1,000 per unit subject to a minimum subscription of N10 million.
MTN Nigeria said it is selling the bonds to get money for its working capital, to expand its network and for other general corporate purposes.
Recall that recently, MTN Nigeria sold commercial paper worth N23 billion to some high-net-worth individuals and institutional investors with the intention to use the funds for its business operations.
The commercial paper was part of its N150 billion CP programme and was the third series.
Subscription for the CP started on Wednesday, September 7, 2022, and ended on Monday, September 12, 2022, with Stanbic IBTC Capital Limited as the arranger of the transaction.
