Skymark Partners Limited, a private investment company focused on investing and creating wealth in critical growth sectors of the Nigerian economy, has announced the maturity and successful redemption of its Series 4 & 5 Commercial Papers (CP) under its NGN5bn Commercial Paper Programme.
The NGN1.245bn 270-day Series 4 Commercial Paper which was issued and quoted in June 2022 on the FMDQ Securities Exchange, matured on the 17th of March, 2023. The NGN1.467bn 181-day Series 5 Commercial Paper which was issued and quoted in September 2022 on the FMDQ Securities Exchange, matured on the 21st of March, 2023. In line with best practice, the Exchange has been informed of the repayments.
Commenting on the successful redemptions Mr. Egie Akpata, FCCA, Chairman of Skymark Partners Limited, said,
“We are pleased to have fully repaid all the investors in the Series 4 & 5 CP issuances. We thank all the institutional investors for their participation and reiterate our commitment to be a counterparty that can be counted on for the long term.”
Furthermore, he stated, “This 4th and 5th CP redemptions reflect Skymark’s capacity to meet its financial obligations promptly, irrespective of market conditions. Our strong liquidity position and strong balance sheet ensures that we are always able to meet our maturity obligations. We intend to remain an active issuer in the commercial paper market.”
Skymark’s current credit rating from DataPro affirmed a long term rating of A and short-term rating of A1. The financial performance of Skymark Partners for FY2022 shows strong growth of all key financial metrics.
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 – 8 CPs issued under the programme have raised N7.3bn for working capital financing.
Series 1 – 5 CP maturities have repaid N5.0bn.