Real estate development firm Veritasi Homes and Properties Limited has reported the successful maturity and redemption of its first series 1 and 2 Commercial Paper issued as part of its N10 billion issuing program.
Tobi Yusuff, partner and head of marketing communications, Veritasi Homes; Adetola Nola, chief executive officer, Veritasi Homes; Tadeni Balogun, managing director, AVA Trustees; Emmanuel Egbumokei, managing director, Mega Capital and Seyi Ebenezer at the Veritasi Homes signing ceremony of the N10 billion commercial paper programme approved on the FMDQ Exchange.
The N2.526 billion and N3 billion 270-day series 1 and 2, which were issued on the FMDQ Securities Exchange Limited (FMDQ) earlier in 2022 and were due to mature on December 30, respectively, were redeemed on December 28 before that date.
According to the statement, Veritasi Homes was given an A2 short-term rating and a BBB long-term rating (stable outlook) by Datapro Limited. These ratings serve as proof of the company’s suitability for on-time payment of financial obligations, strong liquidity, good capitalization, and profitability.
The series 1 & 2 repayment of the CP, according to Nola Adetola, founder and CEO of Veritasi Homes, is evidence of the brand’s ability to meet its financial obligations as a respectable and leading real estate company in Nigeria.
“We appreciate our financial partners, Pathway Advisors Limited, Mega Capital Financial Services Limited, Keystone Bank Limited and all the institutional investors for their confidence in the instrument issued by Veritasi Homes,” he said.
“We reiterate our commitment to being a counterparty that can be counted on for the long term.”
He added that the issuance of the commercial paper programme, signed in April 2022, facilitated the development of premium real estate projects for clients at home and in the diaspora.
Nola also mentioned to stakeholders that the company has fully utilized the N10 billion CP programme and plans to register another CP programme with FMDQ by Q1 2023.
Also, Tobi Yusuff, partner and head of market and communications, Veritasi Homes, said the organisation’s track record and value delivery speak volumes.
“The redemption of the commercial paper to investors will better position Veritasi Homes globally as a trustworthy brand to achieve future capital plans in line with the company’s growth plans,” he said.
“We look to further establish our market-leading position and develop our relationship in the capital market as a credible issuer.”