Real estate company, Lekki Gardens Estates Limited, said that it has redeemed the N3.48bn series 1 (Tranche A) commercial paper approved by the FMDQ Securities Exchange Limited in June 2022.

In a statement on Sunday, it said the N3.48bn series 1 was under its N25bn commercial paper programme.

Speaking on the development, the Managing Director and Chief Executive Officer of Lekki Gardens, Dr Richard Nyong, said, “We very much appreciate the support and confidence of the market and are happy to have fully redeemed and repaid all subscribers to our first 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 characterised by major headwinds which included the sustained increases in construction material prices, unprecedented rise in energy costs, further weakening of the local currency, 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.”

The company first stepped into the local debt capital market in 2021 to raise N3.5bn in three-year tenured private notes under the private corporate bond window of the FMDQ. The company has to date successfully met all coupon payments in line with the terms of the notes.

Lekki Gardens said it planned to pursue further capital-raise opportunities in the domestic capital market to support its growth strategy.