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Skymark raises N3.2bn in commercial paper offerings

Skymark Partners Limited, a proprietary investment company, has raised N3.2 billion from Series 2, 3 and 4 Commercial Papers it offered under its N5bn issuance…

Skymark Partners Limited, a proprietary investment company, has raised N3.2 billion from Series 2, 3 and 4 Commercial Papers it offered under its N5bn issuance programme.

The company incorporated in 2009, set out to raise N2bn but recorded significant investor interest evidenced by the submitted bids totalling N4.5bn – translating to a 228 per cent subscription of the issuance, it said in a statement.

The issuance consisted of three series – a 91-day series priced at 12.5919% discount, a 182-day series priced at 13.3046% discount and a 270-day series priced at 14.1065% discount.

Speaking on this, its chairman, Egie Akpata, said, “This issuance represents a landmark event for Skymark Partners and positions our firm to achieve its strategic objectives and continue to provide value to all stakeholders.” 

According to him, “the success of the CP issuance and particularly the oversubscription reflects the investor community’s trust and acceptance of Skymark Partners as a counterparty for the long term. We remain thankful to our investors for their continued support and confidence in Skymark Partners Limited”. 

Akpata also appreciated the support of United Capital Plc, the Dealer for the transaction.

Following the release of the company’s audited FY 2021 financials, DataPro affirmed Skymark’s long term rating of A and short-term rating of A1, citing the continued growth trend of revenue and profits and a clear articulation and implementation of its corporate strategy. The rating remains valid till March 2023.

 

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