MTN has said it has raised $1 billion (R13.9 billion) in two dollar bonds, which is the first such issue by Africa’s biggest wireless carrier by sales since 2014.

The news comes on the heels of ratings agency Standard & Poor’s recent lowering of the MTN group’s credit ratings, following the downgrade of Nigeria’s sovereign rating last month.

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 telecom 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 10-year note 6.5 percent, compared to a coupon of 4.755 percent for its last 10 year issue in 2014.

The notes, MTN says will be listed on the Irish Stock Exchange. The joint book-runners for the issue are Barclays, Bank of America Merrill Lynch, Citi Bank and The Standard Bank of South Africa.

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