EABL’s Group Managing Director, Andrew Cowan says the funds will be used to restructure the balance sheet which entails repayment of short term loans. The listing of the Note on the NSE will provide an avenue for investors who were unable to participate during the offer.
The Note will bear interest at a fixed annual rate of at least 14.17 per cent until maturity on March 28, 2022.
“The success of this issue clearly demonstrates the confidence that EABL has in our market – as one that is well regulated, deep and liquid – well suited to their needs. The ability of issuers such as EABL to continue to come to market and raise greater amounts of capital, also points to the acknowledgement of their quality and the rising investor appetite in our market for debt securities, ” said the Nairobi Securities Exchange CEO Geoffrey Odundo.
The bond had been oversubscribed by 141 per cent with the firm getting Sh8.45 billion from a target of Sh6billion.