from OKORO CHINEDU in Lagos, Nigeria
LAGOS, (CAJ News) – MTN Nigeria has issued N110 billion (US$4,12 billion) fixed rate bond in the West African country that is its biggest market.
The Series I, seven-year, 13 percent fixed rate bond is the largest corporate bond issuance in the debt capital markets thus far in 2021 and MTN Nigeria’s debut in the domestic bond market.
Due in 2028, it is under the N200 billion Bond Issuance Programme.
The total value of orders received during the Book Build was N132,151 billion representing a 1,32 times over-subscription of the intended N100 billion issuance.
The net proceeds will partly be used to refinance existing debt and support the roll out of critical network infrastructure.
“We are very proud of this landmark transaction, which is the first ever telco bond issued in Nigeria and the largest corporate bond issuance this year,” said Karl Toriola, Chief Executive Officer of MTN Nigeria.
– CAJ News