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Kenya begins capped tender offer for 6 7/8% notes due 2024
By Marisa Wong
Los Angeles, Feb. 7 – The Republic of Kenya is inviting eligible holders of its $2 billion outstanding 6 7/8% notes due June 24, 2024 (ISIN: XS1028952403, US491798AE43) to tender their notes for purchase for cash, subject to the maximum tender amount.
The maximum tender amount will be determined by the republic at its discretion after it prices an offering of new notes, according to a notice.
The republic is offering a purchase price of $1,000 per $1,000 principal amount, plus accrued interest.
Tenders may be subject to proration.
The republic expects to announce the offer cap soon after pricing of the new notes, which is expected to occur on Feb. 12.
The offer will expire at 5 p.m. ET on Feb. 14.
Results will be announced on Feb. 15.
Settlement is slated for Feb. 21.
The tender offer is conditioned on completion of the concurrent issuance of new dollar-denominated notes, proceeds of which would be used to fund the tender offer.
The republic noted, however, that it is not obligated to accept for purchase any notes tendered under the tender offer even if it meets the new financing condition.
Holders who participate in the tender offer and wish to subscribe for the new notes may be given priority in the allocation of the new notes.
The republic said it is making the tender offer in conjunction with the offering of new notes as part of the proactive management of its external debt, specifically to smooth out the maturity profile of the notes due in June 2024.
The dealer managers for the offer are Citigroup Global Markets Ltd. (+44 20 7986 8969; 800 558-3745; 212 723-6106; liabilitymanagement.europe@citi.com) and Standard Chartered Bank of South Africa Ltd. (+44 20 3167 5210; liabilitymanagement@standardsbg.com).
Citibank, NA, London Branch (+44 20 7508 3867; citiexchanges@citi.com) is the tender agent.
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