By Wendy Van Sickle
Columbus, Ohio, Feb. 14 – Republic of Kenya sold $1.5 billion of 9¾% amortizing notes due Feb. 16, 2031 (B/B) at 97.27 to yield 10 3/8% on Wednesday, according to a prospectus.
A third of the notes will be redeemed on Feb. 16 in each of 2029, 2030 and 2031.
Joint bookrunners for the Rule 144A and Regulation S notes were Citigroup Global Markets Ltd. and Standard Bank of South Africa Ltd.
Proceeds will be used to fund a concurrent tender offer for the republic’s 6 7/8% notes due June 24, 2024.
| Issuer: | Republic of Kenya
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| Amount: | $1.5 billion
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| Issue: | Amortizing notes
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| Maturity: | Feb. 16, 2031
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| Bookrunners: | Citigroup Global Markets Ltd. and Standard Bank of South Africa Ltd.
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| Paying agent: | Citibank, NA, London Branch
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| Counsel to issuer: | White & Case LLP (English and U.S. law) and G&A Advocates LLP (Kenyan law)
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| Counsel to underwriters: | Herbert Smith Freehills LLP (English and U.S. law) and NBMA Advocates LLP (Kenyan law)
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| Coupon: | 9¾%
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| Price: | 97.27
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| Yield: | 10 3/8%
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| Redemption: | One third on Feb. 16 in each of 2029, 2030 and 2031
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| Trade date: | Feb. 14
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| Settlement date: | Feb. 16
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| Expected ratings: | S&P: B
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| Fitch: B
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| Distribution: | Rule 144A and Regulation S
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| Cusip: | 491798AM6
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