The MTN Group Limited has raised $1.3bn in loans before its planned sale of bonds to offset the N330bn Nigerian fine, pay dividends and address capital expenditure. The shares of Africa largest mobile phone operator by sales climbed for a second day after raising the loan.
The shares jumped by 2.2 per cent to 121.49 rand as of 12:29pm in Johannesburg on Wednesday, the biggest two-day advance since June 29 and valuing the company at $16bn, according to Bloomberg.
MTN is being provided with $1bn and 4.8 billion rand from local and international banks and financial institutions, it said in an e-mailed response to questions on Tuesday. MTN is on a roadshow in the United States and the United Kingdom this week to gauge investor appetite for debt securities.