• Business - Companies
  • Updated: 1 month ago

MTN Nigeria Awaits Approval To Issue N90 Billion Series 2 Bonds

MTN Nigeria is set to launch Series 2 Bonds valued at N90 billion. However, it awaits regulatory approval from the Securities & Exchange Commission (SEC).

MTN Nigeria issued the first Series in May 2021, an issuance of N110 billion, 7-Year 13.0 percent Fixed Rate Bonds due 2028.

The telecommunications giant made the issue as part of its wider NGN 200 billion bond issuance programme. It is the first such issuance to be made by a telecoms company in Nigeria and is the largest corporate bond issue in the debt capital market in 2021 to date.

“The domestic debt capital market has given us the opportunity to further diversify our funding sources and extend the maturity of our debt portfolio and profile to match investment in infrastructure,” MTN Nigeria’s chief executive Karl Toriola said in a statement.

The company said the funds would be used to refinance debt and support the roll out of critical network infrastructure.

According to MTN, the final decision on the launch of the Series 2 bond will be taken once all regulatory approvals are obtained from the SEC, and the investing public will be duly notified.

For the first half of the year, ended June 30, 2021, the telecommunications service provider’s revenue hit N790.3 billion, an increase of 24.1 percent.

It reported that mobile subscribers declined by 7.6 million to 68.9 million, impacted by the regulatory restrictions on new SIM sales and activations.

MTN Nigeria is one of the highest-rated firms in Nigeria with a corporate rating of ‘Aa’ and ‘AA’ by Agusto & Co and GCR respectively. The ratings are a reflection of the Company’s track record of strong financial performance and record revenue in excess of N1 trillion.


Join our Telegram platform to get news update Join Now

0 Comment(s)


Oct 18, 2021

Golden Boy Award 2021: Who Do You Think Should Win?

Golden Boy Award 2021: Who Do You Think Should Win?

Mason Greenwood 33.33 %

Eduardo Camavinga 0 %

Pedri 0 %

Bukayo Saka 66.67 %

Jude Bellingham 0 %

Gavi 0 %

Rodrygo 0 %

Gio Reyna 0 %

Karim Adeyemi 0 %

Roberto Piccoli 0 %

47 days 4 hours remain