Skymark Partners Raises N3.2bn Series 2, 3 and 4 CP

By July 15, 2022 NEWS

Skymark Partners Limited, a proprietary investment company focused on investing and creating wealth in critical growth sectors of the Nigerian economy, has successfully issued Series 2, 3 and 4 Commercial Papers under its established N5bn Commercial Paper Issuance Programme – raising a total sum of N3.2bn.

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.

Skymark Partners set out to raise N2bn but recorded significant investor interest evidenced by the submitted bids totaling N4.5bn. This translates to a 228% subscription of the issuance.

Speaking about the successful issuance, Egie Akpata, FCCA, Chairman of Skymark Partners Limited, 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 expressed his appreciation of the effort and strong 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.

Skymark Partners 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, Nigeria.

Read the original article on ThisDay