Up to N23 billion in series 3 commercial paper notes could be issued, according to a proposal from MTN Nigeria Communications Plc.
This information can be found in a disclosure document titled “MTN Nigeria Communications Plc proposed Issuance of up to N23 billion series 3 Commercial paper notes” that was submitted to The Exchange.
The corporation claims that the move is a part of its effort to diversify its sources of financing and that the money would be used for working capital and other general corporate objectives.
The proposed Series 3 Commercial Paper, according to the statement, is a part of the N150 billion issuance program.
“MTN Nigeria Communications Plc hereby notifies Nigerian Exchange Limited and the investing public of its proposed issuance of up to N23 billion series 3 Commercial Paper notes under its N150 billion Commercial Paper Issuance Programme. The Issuance is part of the Company’s strategy to diversify its financing options, with the funds deployed towards working capital and general corporate purposes. Further details on the issuance as well as subsequent issuance will be communicated to the market as the transaction occur”