The Nigeria Communications Plc, MTN Nigeria, will today (Thursday) launch book building in respect of its Series I (Tranche A and B) bond.
Book building is the process by which an underwriter attempts to determine the price at which an initial public offering (IPO) will be offered. The process of price discovery involves generating and recording investor demand for shares before arriving at an issue price.
According to the company, it has concluded plans to issue up to N100 billion Series I Bond under its new N200 billion bond issuance programme.
A statement on Thursday signed by the Company Secretary, Uto Ukpanah, read, “The Nigeria Communications Plc (MTN Nigeria) has completed registration with the Securities and Exchange Commission (SEC) of its new N200 billion bond issuance programme announced in July 2022.
The company disclosed that it has received the approval from SEC to launch the Series I (Tranche A) 4-Year Fixed Rate Bond and Series I (Tranche B) 10-Year Fixed Rate Bond under the programme.
“The issuance continues to reinforce MTN Nigeria’s strategy of diversifying its funding sources in line with its corporate objectives.
“MTN Nigeria will launch the book building in respect of the Series I (Tranche A and B) bond on September 2022,” the statement added.
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