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Veritasi Homes and Properties Limited (Veritasi Homes), a real estate development company with a focus on the acquisition, development, sales, and management of high-quality serviced residential properties in the luxury, premium and classic segments of the real estate market has announced the successful maturity and redemption of its debut Series 1 & 2 Commercial Paper under its NGN10 billion Issuance Programme.
The 270days Series 1 (N2.526 Billion) and Series 2 (N3 Billion) were issued earlier this year on the FMDQ Securities Exchange Limited (FMDQ) and matured on 30th December 2022 but were redeemed on the 28th of December ahead of their Maturity date.
Veritasi Homes and Properties Limited is assigned a short-term rating of (A2) and a long-term rating of BBB (stable outlook) by Datapro Limited, evidencing the company’s adequate capacity for timely payment of financial obligations, good profitability, strong liquidity and good capitalisation.
In a statement made by the company’s founder and Chief Executive Officer, Nola Adetola, he stated that the Series 1 & Series 2 repayment of the CP is proof of the brand’s credibility to fulfil its financial obligation as a reputable and foremost 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. 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. Adetola 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.
Our 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, said Tobi Yusuff, Partner, Head of Market and Communications, Veritasi Homes, in a statement.
We look to further establish our market-leading position and develop our relationship in the capital market as a credible issuer.
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