The UUBO Capital Markets team is pleased to have acted as Joint Legal Counsel to MTN Nigeria Communications PLC (“MTN”) in connection with the establishment of its N150,000,000,000 (one hundred and fifty billion Naira) Commercial Paper Issuance Programme (the “Programme”) and the Series 1 and 2 issuances amounting to a total sum of N127,000,000,000 (one hundred and twenty-seven billion Naira) thereunder. The Series 1 issuance was for a tenor of 184 days priced at a yield of 7.50% yield, while the Series 2 issuance was for a tenor of 254 days priced at a yield of 8.50%.
The successful establishment of the Programme and issuances is the largest single Commercial Paper Issuance in Nigeria.
MTN is the leading telecommunications company in Nigeria and the size of the issuance is a representation of the trust in its brand and operations. The Issuance is in line with MTN’s strategy to diversify its financing options, with the proceeds being deployed towards its short-term working capital requirements and general corporate purposes.
The team was led by our Capital Markets team partners, Yinka Edu and Joseph Odianosen Eimunjeze, and included Ekundayo Onajobi, Lisa Esamah, Damilola Opayinka, Itoro Etim, and Richard Enoch.