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Skymark Partners redeems N3.2bn series 10, 12 commercial paper

Skymark Partners redeems N3.2bn series 10, 12 commercial paper

Skymark Partners, a private investment company, has announced the maturity and successful redemption of its Series 10 and 12 commercial papers (CP) under its N10 billion commercial paper programme.

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 October 31, 2023.

Read also: FMDQ Exchange says outstanding admitted CPs worth N1.03trn

“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,” Egie Akpata, FCCA, chairman of Skymark Partners Limited said.

He said 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,” Akpata said.

The N0.91 billion 91-day Series 12 CP was issued in July 2023 and matured on October 5, 2023.

In line with existing regulations, the FMDQ Securities Exchange has been informed of the repayments.

The continued growth trend of revenue and profits in the full year of 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.

Read also: FMDQ Group completes 2023 Financial Literacy summer camp programme

Skymark Partners Ltd is a principal investment company with interests in financial services, technology, and real estate amongst others. It was incorporated in 2009 and is based in Lagos.