MTN Nigeria plans N89.999 bond issuance

Investors’ appetite is currently being stipulated by a disclosure that MTN Nigeria Communications Plc is preparing to launch Series 2 Bonds of up to ₦89.999 billion.

As the telco is working with stakeholders to ensure the success of the issuance, an investment house, Chapel Hill Denham Advisory Limited, is already informing investors on the bond issuance via email.

According to the email obtained by Business Metrics, the firm says: “Chapel Hill Denham Advisory Limited is pleased to inform you of the upcoming launch of MTN Nigeria Communications Plc’s (“MTN Nigeria’s”, ‘’the Company’s” or the “Issuer’s”) Series 2 Bonds of up to ₦89.999 billion (‘’the Issuance” or ‘’the Offer”) under its ₦200 Billion Bond Issuance Programme.

“MTN Nigeria is the leading telecommunications operator in the largest telecommunications market in Africa. The Company is the largest mobile operator and undisputed market leader in Nigeria as measured by total mobile subscribers (c. 68.9 million), and active data users (c. 32.5 million).

“MTN Nigeria is well-positioned for the long term with its unmatched investments in its infrastructure – most expansive 2G, 3G, and 4G network, largest fibre network (c. 30,000km) spanning across Nigeria, largest physical and digital distribution platform, and wide range of spectrum holdings – coupled with the exciting Nigerian market opportunity.”

The firm recalled that most recently, MTN Nigeria’s credit rating was upgraded to the highest possible long and short-term corporate rating of “AAA” by GCR.

MTN Nigeria is the first mobile network operator in Africa and is one of two corporates in Nigeria to be accorded such ratings.

The rating, according to Chapel Hill Denham Advisory Limited, is a reflection of the Company’s very strong competitive position, as well as its strong earnings and cash flow, which have supported a robust financial profile.

“The ratings further reflect MTN Nigeria’s experienced and dedicated management team, and the beneficial relationship with MTN Group – Africa’s leading cellular telecommunications company servicing over 251 million subscribers, with a strong presence in 21 countries (including the Middle East),” the firm further stated in the email.