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MTN raises $1bn

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One of Africa’s leading cellular services providers, MTN, has raised $1-billion which it says will be used for purposes of capital expenditure, to pay down working capital facilities, and for general corporate purposes.
In a SENS announcement yesterday, the company says: “MTNH and MTN Group announce the successful pricing of the dual tranche USD500 million Long 5-year and USD500 million 10-year notes. 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.
“The notes maturing in February 2022, have a coupon of 5.373% and the notes maturing in October 2026 have a coupon of 6.5%, and will be listed on the Irish Stock Exchange. The joint book-runners for the issue are Barclays, Bank of America Merrill Lynch, Citi Bank (B&D) and The Standard Bank of South Africa Limited.
“MTN (Mauritius) Investments Limited is the issuer of the notes that are guaranteed by MTN Group, Mobile Telephone Networks Holdings Limited, MTN International (Mauritius) Limited, MTN International Proprietary Limited and Mobile Telephone Networks Proprietary Limited.
“MTN Group is rated Baa3 by Moody’s (Negative Outlook), and BB+ by S&P (Stable Outlook).”