Skymark Partners Limited, has announced the maturity and successful redemption of its Series 10 & 12 Commercial Papers (CP) under its N10 billion Commercial Paper Programme.
According to a statement, the N2.31 billion 182-day Series 10 Commercial Paper, which was issued and quoted in May 2022 on the FMDQ Securities Exchange, matured on the October 31, 2023. The N0.91 billion 91-day Series 12 CP was issued in July 2023 and matured on the 5th of October, 2023. In line with existing regulations, the FMDQ Securities Exchange has been informed of the repayments.
Commenting on the successful redemption, Mr. Egie Akpata, FCCA, Chairman of Skymark Partners Limited, said, “We are pleased to have fully repaid all the investors in the Series 10 & 12 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 tenth and twelfth Series CP redemption reflects Skymark’s capacity to meet its financial obligations when due, irrespective of market conditions. We intend to remain an active issuer in the commercial paper market.”
The continued growth trend of revenue and profits in FY 2022 resulted in DataPro affirming Skymark’s long term rating of A and short-term rating of A1. The rating remains valid till June 2024. Unaudited accounts as at September 30, 2023 show strong growth of all key financial metrics of Skymark Partners Limited.
Skymark Partners’ initial N5 billion Commercial Paper Programme was admitted onto the FMDQ Securities Exchange platform in February, 2022. FMDQ approved the Programme increase to N10 billion in September 2023.
Series 1-16 CPs issued under the programme have raised N15.7 billion for working capital financing.
