MTN Nigeria Launches New Commercial Paper Notes to Raise $30 Million

• Offering yields of up to 29%, MTN Nigeria seeks N50 billion to support immediate operational costs
• Company faces ongoing challenges due to FX losses and regulatory pressures amid Nigerian economic headwinds

 Lagos, Nigeria – MTN Nigeria Communications Plc, the country’s largest telecommunications provider, has announced a new offering of commercial paper notes, aiming to raise N50 billion ($30 million) to bolster short-term funding. This Series 11 and 12 issuance offers an attractive 24.2023% discount rate on the 181-day note and 23.9585% on the 265-day note, translating to yields of 27.5% and 29%, respectively. The offering, which opened on November 4, will close on November 6, 2024.