Lekki Gardens Estate Limited has announced the redemption and repayment to all subscribers of its N25 billion Commercial Paper Programme authorised by FMDQ Securities Exchange Limited in June 2022 N3.48 billion Series 1 (Tranche A) Commercial Paper issue.
FMDQ Exchange through its Board Listings and Markets Committee, last year approved the registration of the Lekki Gardens Estate Limited N25.00 billion Commercial Paper (CP) Programme on its platform.
Commercial paper is an unsecured, short-term debt instrument issued by corporations. It’s typically used to finance short-term liabilities such as payroll, accounts payable, and inventories
This was mentioned by the business in a statement that TechEconomy saw.
Speaking about the CP redemption, Dr. Richard Nyong, Managing Director and Chief Executive Officer of Lekki Gardens, said the business appreciates the market’s support and confidence and is pleased to have fully redeemed and paid all subscribers to its maiden Commercial Paper issuance.
“This redemption is another testament to the strength and resilience of our business despite the very challenging operating environment.
The past year was characterized by major headwinds which included the sustained increases in construction material prices, unprecedented rise in energy costs, further weakening of the local currency, and rising inflation and interest rates among other factors.
But we continue to take all necessary measures to remain focused and adaptable to sustain the brand’s consistent growth and performance over the years, “Nyong said.
Nyong noted that the company’s debut into the local Debt Capital Market was in 2021 when it raised N3.5 billion in 3-year tenured Private Notes under the Private Corporate Bond (PCB) window of the FMDQ.
He explained that the company has to date met all coupon payments in line with the terms of the notes.
“Lekki Gardens intends to pursue further capital-raise opportunities in the domestic capital market to support its growth strategy. The company remains committed to delivering value to its various stakeholders and is confident in its capacity and ability to continue to blaze the trail in her sector,” Nyong said.
Lekki Gardens Estate Limited is an independent luxury real estate company in Nigeria that provides real estate solutions in the areas of property development, facility management, and sales of real estate products and services with special skills in service delivery.
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