Skymark Partners Limited, a proprietary investment company has successfully issued Series 5 and 6 Commercial Papers under its established N5bn Commercial Paper Issuance Programme – raising a total sum of N1.84bn.
The issuance consisted of two series – a 182-day series priced at a 16.9376% discount and a 279-day series priced at 17.4308% discount.
Skymark Partners set out to raise N1.8bn but despite very tight market liquidity conditions, was able to exceed this target and raised N1.84bn.
Speaking about the successful issuance, Egie Akpata, FCCA, Chairman of Skymark Partners Limited, said, “This issuance consolidates Skymark Partners position as an active issuer in the CP market and provides our firm with the liquidity needed to achieve its strategic objectives”
According to him, “The success of the CP issuance during a period of very tight market liquidity indicates the investor community’s trust and acceptance of Skymark Partners as a counterparty of choice for the long term. We remain thankful to our investors for their continued support and confidence in Skymark Partners Limited”.
Mr. Akpata also expressed his appreciation for the effort and strong support of United Capital Plc, the Dealer for the transaction.
The continued growth trend of revenue and profits in FY 2021 resulted in DataPro affirming Skymark’s long term rating of A and short-term rating of A1. The rating remains valid till June 2023. Unaudited accounts as of June 30, 2022 show strong growth of all key financial metrics of Skymark Partners Ltd.
What you should know
- Skymark Partners Ltd is a principal investment company with interests in financial services, technology, and real estate amongst others. Skymark Partners was incorporated in 2009 and is based in Lagos.
- Skymark Partners N5bn Commercial Paper Programme was admitted onto the FMDQ Securities Exchange platform in February, 2022.
- Series 1-6 CPs issued under the programme have raised N5.4bn for working capital financing.
- Series 1 & 2 CP maturities have repaid N1.1bn.