Skymark Partners Issues N338m Series 1 CP in N5bn Commercial Paper Programme

Skymark Partners Limited (Skymark) has announced the successful issuance of its N338 million debut Series 1 Commercial Paper (CP). The CP was issued on March 17, 2022 under the N5billion Commercial Paper Programme, which was approved by FMDQ in February, 2022.

The 91-day CP was issued at a discount of 11.6514 per cent, and recorded subscriptions from institutional investors. Skymark has a short-term rating of A1 and long term rating of A by DataPro.

While commenting on the successful issuance, the company’s Chairman, Mr. Egie Akpata, FCCA, described it as a strategic milestone in its bid to diversify the funding sources for Skymark Partners Limited and to drive Skymark’s long-term strategy. 

He further said, “We are very excited about the support of institutional investors in our inaugural CP issue. Their participation indicates their confidence in Skymark, our financial performance, strategic vision and leadership. We assure our current and future CP investors that in Skymark, they have a counterparty that they can count on for the long term.”

The approval of the Series 1 ₦338 million CP by FMDQ Securities Exchange represents a major milestone in our company’s growth aspirations. The opportunity to access the CP market as an alternative source of funding has enhanced Skymark’s ability to unlock value for all its stakeholders.

United Capital Plc was Arranger of the CP Programme and sole dealer on the Series 1 issue.

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.