• Saturday, December 09, 2023
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Veritasi Homes redeems N5.53bn series 1 & 2 commercial paper

Commercial Paper – Veritasi

Veritasi Homes and Properties Limited, a real estate development company has announced the successful maturity and redemption of its debut series 1 & 2 Commercial Paper under its N10 billion issuance programme.

The 270days series 1 – N2.526 billion and series 2 – N3 billion were issued earlier in 2022 on the FMDQ Securities Exchange Limited (FMDQ) and matured on 30th December 2022 but were redeemed on the 28th of December ahead of their maturity date, according to a statement made available to BusinessDay.

The statement stated that Veritasi Homes is assigned a short-term rating of (A2) and a long-term rating of BBB (stable outlook) by Datapro Limited, evidence of the company’s adequate capacity for timely payment of financial obligations, strong liquidity, good capitalization and profitability.

Nola Adetola, the founder and chief executive officer of Veritasi Homes stated that the series 1 & 2 repayment of the CP is proof of the brand’s credibility to fulfil its financial obligation as a reputable and foremost real estate company in Nigeria.

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“We appreciate our financial partners, Pathway Advisors Limited, Mega Capital Financial Services Limited, Keystone Bank Limited and all the institutional investors for their confidence in the instrument issued by Veritasi Homes,” he said.

“We reiterate our commitment to being a counterparty that can be counted on for the long term.”

He added that the issuance of the commercial paper programme, signed in April 2022, facilitated the development of premium real estate projects for clients at home and in the diaspora.

Nola also mentioned to stakeholders that the company has fully utilized the N10 billion CP programme and plans to register another CP programme with FMDQ by Q1 2023.

Also, Tobi Yusuff, partner and head of market and communications, Veritasi Homes, said the organisation’s track record and value delivery speak volumes.

“The redemption of the commercial paper to investors will better position Veritasi Homes globally as a trustworthy brand to achieve future capital plans in line with the company’s growth plans,” he said.

“We look to further establish our market-leading position and develop our relationship in the capital market as a credible issuer.”