This archive report was first published on 26 October 2021.
On October 26, 2021, East African Breweries Plc announced that it had received applications for Notes amounting to KSh37.9 billion for its KShs 11 billion Medium-Term Note issue, representing an overall subscription of 345 percent in Kenya's single largest non-infrastructure corporate bond offer.
Issue Arranged By Absa ¶
The Medium-Term Note, arranged by Absa Bank Kenya Plc and Absa Securities Limited, will be the biggest of the issued corporate bonds and commercial papers in the Kenyan market. The issue was open for 15 days, beginning October 6th, 2021, and closed on October 21, 2021.
Proceeds from the Notes will be used by EAB Plc to repay certain borrowings, provide working capital for the Group across East Africa, and refinance certain short-term borrowings taken in the ordinary course of business.
According to Absa Bank Managing Director, Jeremy Awori, the issue was oversubscribed by a diverse pool of institutional and retail investors.
“The overwhelming success has been delivered on the backdrop of a challenging economic environment and is testament to the resilience of our private sector, the growing sophistication of our capital markets, and the important role played by strong financial institutions like Absa in facilitating growth,” said Absa Bank Managing Director, Jeremy Awori.
