MTN Nigeria Communications Plc is preparing to launch Series 2 Bonds of up to ₦89.999 billion.

This is according to a mail sent from Chapel Hill Denham Advisory Limited to investors .The mail reads:

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

. “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 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).”

A summary of the indicative terms of the proposed offer is indicated below.

Issuer: MTN Nigeria Communications Plc Ratings (Issuer):

AAA (GCR); Aa (Agusto & Co.) Ratings (Issue): AAA (GCR);

[•] (Agusto & Co.) Lead Issuing House: Chapel Hill Denham Advisory Limited Joint Issuing Houses: Stanbic IBTC Capital Limited, DLM Advisory Limited, FBNQuest Merchant Bank Limited, FCMB Capital Markets Limited, Rand Merchant Bank Nigeria Limited and Vetiva Capital Management Limited.

Programme Size: N200 billion

Issue Size: Up to N89.999 Billion

Interest Basis: Fixed Rate Ranking of Bonds: Senior Unsecured obligation of the Issuer

Series: 2

Tenor: 10 Years Principal Redemption: 7 Year Moratorium, Amortizing thereafter in 3 equal annual instalments until maturity. Price Guidance [•]% – [•]%

Offer Open: [•], September [•], 2021

Offer Close: [•], September [•], 2031 Use of Proceeds: Optimisation of Finance and Network Expansion

Minimum Subscription: N10 million and in multiples of N1 million thereafter

Listing: FMDQ Securities Exchange Limited