Skymark Partners Raises N1.84bn Series 5, 6 CPs, Issue Oversubscribed

Skymark Partners Limited, has announced that it has successfully issued Series 5 and 6 Commercial Papers (CP) under its established N5billion Commercial Paper Issuance Programme – raising a total sum of N1.84billion.

The issuance consisted of two series – a 182-day series priced at 16.9376 per cent discount and a 279-day series priced at 17.4308 per cent discount.

Skymark Partners set out to raise N1.8 billion but despite very tight market liquidity conditions, was able to exceed this target and raised N1.84 billion.

Speaking about the successful issuance, Chairman of Skymark Partners Limited, Egie Akpata said, “This issuance consolidates Skymark Partners position as an active issuer in the CP market and provides our firm with the liquidity needed to achieve its strategic objectives”

According to him, “The success of the CP issuance during a period of very tight market liquidity indicates the investor community’s trust and acceptance of Skymark Partners as a counterparty of choice 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.

The continued growth trend of revenue and profits in FY 2021 resulted in DataPro affirming Skymark’s long term rating of A and short-term rating of A1. The rating remains valid till June 2023. Unaudited accounts as at June 30, 2022 shows strong growth of all key financial metrics of Skymark Partners Ltd.

Series 1-6 CPs issued under the CP programme have raised N5.4bn for working capital financing. Series 1 & 2 CP maturities have repaid N1.1bn.