MTN NIGERIA ISSUANCE OF N89.999 BILLION SERIES

Lagos, 4 November 2021

MTN Nigeria Communications Plc (MTN Nigeria) has successfully completed the issuance of its N89,999,000,000 Series II 10-Year 12.75% Fixed Rate Bonds due 2031 (“Series II Bond”) under the N200 billion Bond Issuance Programme.

The book build process commenced on 8 October, 2021 and was completed on 15 October, 2021. The offer was well received with active participation from a diverse range of high value investors, including pension funds, insurance companies, asset managers, financial institutions, and high net worth individuals. During the book build, the total value of subscriptions received, peaked at N133,454,000,000, representing a 1.48 times oversubscription. As a result, the Series II Bond was launched at a clearing coupon of 12.75% with N89,999,000,000 in qualified bids

Commenting on the bond issuance, Karl Toriola, Chief Executive Officer of MTN Nigeria said, “We continue to be grateful for the immense investor support, as the domestic debt capital market has yet again given us the opportunity to raise long-term financing to aid our investments in our network. In line with our strategy, the bonds issued this year enable us to diversify our funding sources and extend the maturity profile of our debt portfolio. We are very proud of this landmark transaction and thank the investor community for their continued confidence in MTN Nigeria’s long-term strategy, our management team, and the overall telecoms industry”.

Also speaking, Kemi Awodein, Managing Director, Chapel Hill Denham stated that, “We are delighted to have led and completed MTN Nigeria’s N200 Billion Bond Issuance Programme with the pricing of the N89.999 billion Series 2 bonds. MTN Nigeria’s strong credit story has underpinned what have been two oversubscribed issuances in tricky market conditions this year. Chapel Hill Denham acted as Lead Manager and Bookrunner on the MTN debut and follow on issuances of the first bonds issued by a Nigerian telecommunications operator further broadening Nigeria’s capital markets. We are humbled to have led this landmark transaction and pleased to have delivered results for MTN Nigeria and the opportunity to be a part of MTN’s continued success story.”

Chapel Hill Denham acted as the Lead Issuing House for the Series II Bond, and Stanbic IBTC Capital, DLM Advisory, FCMB Capital Markets, FBNQuest Merchant Bank, Rand Merchant Bank, and Vetiva Capital Management acted as Joint Issuing Houses.

About Chapel Hill Denham

Chapel Hill Denham has a simple and powerful model focused on investment management and investment banking. Chapel Hill Denham Advisory is Nigeria and Africa’s leading independent investment bank. Chapel Hill Denham Management is the leading alternative asset manager. Our funds are focused on areas accretive to Africa’s economic development targeting sectors such as Infrastructure, Renewables, Real Estate, Women and Youth Owned SMEs, Digital and Financial Inclusion, Healthcare and Education.