Business
MTN Group raises $1bn from Fixed Income Market
South Africa’s MTN has raised $1 billion in two dollar bonds, the telecoms firm said on Thursday, the first such issue by Africa’s biggest wireless carrier by sales since 2014.
MTN reported its first ever half-year loss last month, dragged into the red by an agreement to pay a $1 billion fine in its biggest market Nigeria for missing a deadline to cut off unregistered SIM cards.
“Proceeds of the issue, which is due to settle on 13 October 2016, will be used for purposes of capital expenditure; to pay down working capital facilities; and for general corporate purposes,” MTN said in a statement.
The firm, which does the bulk of its business in emerging markets, said it had successfully priced notes of $500 million maturing in February 2022 and another $500 million maturing in October 2026.
The five year note has a coupon of 5.373 percent and the ten year note 6.5 percent, compared to a coupon of 4.755 percent for its last 10 year issue in 2014.
-
Business5 days agoThe Pros and Cons of Nigeria’s $10bn Surge in Capital Importation
-
Politics1 week agoADC aspirant leads mass defection to APC in Kebbi
-
Football7 days agoChristian Eriksen stable after collapsing during Denmark–Ukraine friendly
-
Latest5 days agoKwankwasiyya dismisses reports of Kwankwaso’s exit from NDC
-
Featured5 days agoNigeria must move beyond zoning, choose leaders based on competence ahead of 2027 – Baba-Ahmed
-
Business3 days agoGround handlers suspend services to Max Air over unpaid debts
-
Latest5 days ago2027: Babachir Lawal backs Tinubu over Atiku, says he remains ‘safer option’
-
Latest4 days agoReps bar first-term lawmakers, block Ugochinyere’s bid for minority leader