Veritasi Homes and Properties Limited ("Veritasi Homes"), a leader in the real estate development sector, specialising in the acquisition, development, sales, and management of high-quality serviced residential properties, is pleased to announce the triumphant maturity and complete redemption of its Series 4 Commercial Paper under its NGN10 billion Issuance Programme.
The Series 4, valued at ₦3.474 billion, was initially issued and listed on the FMDQ Securities Exchange Limited (FMDQ) last year, achieving maturity and subsequent redemption on September 15, 2023. This redemption signifies a momentous milestone in Veritasi Homes' financial journey and underscores the company's unwavering commitment to instilling confidence in our valued investors.
Veritasi Homes boast an illustrious track record of promptly fulfilling its obligations by redeeming Commercial Papers at their designated maturities. Previous series, including Series 1, 2, and 3, with ₦3 billion, ₦2.256 billion, and ₦1 billion values, were fully redeemed on December 28, 2022, December 29, 2022, and April 1, 2023, respectively. The successful redemption of the ₦3.474 billion Series 4 Commercial Paper on September 15, 2023, reaffirms Veritasi Homes' impeccable credit quality and our steadfast commitment to honouring financial obligations punctually.
Mr. Nola Adetola, Founder and Chief Executive Officer of Veritasi Homes, expressed his satisfaction: "We are delighted to have, once again, fulfilled our financial commitments by promptly redeeming the ₦3.474 billion Series 4 Commercial Paper. This redemption is a testament to the credibility of the Veritasi brand, the strength of our business model, and our resolute commitment to instilling confidence in the Nigerian Debt Capital Market among our esteemed investors. We sincerely thank our esteemed financial partners, including Pathway Advisors Limited, Mega Capital Financial Services Limited, Keystone Bank Limited, and all institutional investors, for their unwavering trust in Veritasi Homes' financial instruments. We reiterate our dedication to being a reliable, long-term partner."
He also underscored how the commercial paper programme, initiated in April 2022, has significantly contributed to developing premium real estate projects for our clients domestically and in the diaspora.
In response to the successful redemption, Mr. Adekunle Alade (FCA), Managing Director of Pathway Advisors Limited, commented, "We are thrilled to have advised Veritasi Homes on the successful issuance and redemption of the ₦3.474 billion Series 4 Commercial Paper while ensuring strict compliance with all post-issuance requirements. This redemption underscores Veritasi Homes' robust financial position and steadfast commitment to delivering tailor-made financial solutions to our valued clients."
Earlier this year, DataPro Limited, a prominent national Credit Rating Agency, upgraded Veritasi Homes and Properties Limited's Short-term Rating to A2 and Long-term Rating to "BBB+" with a positive outlook for 2023/2024. This rating upgrade is underpinned by our firm's strong liquidity, diversified earning profile, experienced management team, unwavering commitment to corporate governance, outstanding operating performance, and robust capitalisation. The rating remains valid until January 2024.
At Veritasi Homes and Properties Limited, we eagerly anticipate continued success and growth as we remain steadfast in our relentless pursuit of excellence within the real estate sector. We invite our esteemed investors to join us in this exciting journey underpinned by trust, innovation, and unwavering dedication to your financial prosperity.
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