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UPDATE 1-MTN Nigeria issues 100 bln naira bond - CFO

Published 04/05/2021, 16:25
Updated 04/05/2021, 16:30
© Reuters.

(Adds details, quote)
By Chijioke Ohuocha
ABUJA, May 4 (Reuters) - MTN Nigeria MTNN.LG has issued a
100 billion naira ($263 mln) fixed rate bond in the first
quarter of 2021, due in seven years, under a 200 billion naira
bond programme to refinance existing debt and support network
expansion.
Yields in Nigeria are at historic lows after the central
bank cut rates twice last year to lower borrowing costs for the
government, creating opportunities for firms to sell debt at
more attractive rates.
The local unit of South Africa's telecoms group MTN MTNJ.J
said it issued debt to optimise its funding costs, CFO Modupe
Kadri told an analyst call.
Kadri said MTN was looking to repatriate $250 million in
outstanding dividend to the group and is hopefully of getting
substantial amounts through interventions with authorities. He
said the company has been funding capex via foreign trade lines.
Dollar shortages have plagued Nigeria, which is battling
stagflation, frustrating businesses and foreign investors
seeking to repatriate funds abroad.
"Our priorities for 2021 remain unchanged which is to
achieve double-digit revenue growth," new chief executive Karl
Toriola said on the call.
The telecoms firm said on Friday its first-quarter pretax
profit rose 33.9% and that it has registered 35 million
subscribers, around half of its base, under a Nigerian
government directive to tighten SIM registration.
($1 = 380.57 naira)

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