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HOME / Economy
Skymark Partners Limited Raises N1.84bn From Oversubscribed CPs
Published Mar 23, 2023 IN Economy,
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SKYMARK Partners Limited, a proprietary investment company, disclosed it has successfully issued Series 5 and 6 Commercial Paper (CP), under its established N5 billion CP issuance programme, raising a total sum of N1.84 billion.

The issuance consisted of two series, a 182-day series, priced at a 16.9376% discount and a 279-day series, priced at a 17.4308% discount. Skymark Partners set out to raise N1.8 billion, but despite very tight market liquidity conditions, it was able to exceed this target and raised N1.84 billion. Speaking about the successful issuance, Egie Akpata, FCCA, Chairman of Skymark Partners Limited, 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 for the ef­fort and strong support of United Capital Plc, the dealer for the transaction.

The continued growth trend of revenue and profits resulted in DataPro affirming Skymark’s long term rating of A and short-term rating of A1. The rating remains valid till June 2023. Its unaudited accounts as of June 30, 2022 showed strong growth of all key financial metrics of Skymark Partners Limited. Skymark Partners Limited is a principal investment company with interests in financial services, technology and real estate, amongst others. Skymark Partners was incor­porated in 2009. Skymark Partners’ N5 billion Commercial Paper programme was admitted onto the FMDQ Securities Exchange platform in February 2022. Series 1-6 CPs issued under the programme have raised N5.4 billion for working capital financing, while Series 1 and 2 CP maturities have repaid N1.1 billion.

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