Aluko & Oyebode (the “Firm”) is pleased to have advised MTN Nigeria Communications Plc (“MTN Nigeria”) as Solicitor to the Issue, in connection with the successful issuance of its ₦89,999,000,000.00 Series II 10-year 12.75% fixed rate Bonds, due 2031 (the “Issuance”).
The Issuance is the second bond issuance by MTN Nigeria under its ₦200,000,000,000.00 Bond Issuance Programme established earlier this year which the Firm is also pleased to have previously advised on. The Issuance was well received by the domestic debt capital markets as it secured an oversubscription from various institutional and high net-worth investors, which peaked at approximately ₦133,450,000,000.00 during the book build process.
The success of the Issuance is indicative of the domestic debt capital market’s confidence in MTN Nigeria and its ability to diversify its funding sources and extend the maturity profile of its debt portfolio.
The Firm’s transaction team was led by our Chairman, Kofo Dosekun who was supported by our Capital Markets Partner, Ayodeji Oyetunde, and Associates, Chiderah Azodoh and Gregory Yinka‑Gregg.