Kenya accepts tenders of $1.44 billion 6 7/8% notes due 2024

By Wendy Van Sickle

Columbus, Ohio, Feb. 15 – The Republic of Kenya took in tenders of $1,484,861,000 principal amount of its $2 billion outstanding 6 7/8% notes due June 24, 2024 (ISIN: XS1028952403, US491798AE43) under its Feb. 7 offer to purchase the notes for cash, subject to a maximum tender amount.

A maximum tender amount of $1.4 billion was determined by the republic at its discretion after it priced a $1.5 billion offering of new notes, and the maximum amount was later increased to $1,443,030,000. In keeping with that adjusted amount, the company will accept tenders for purchase at a proration factor of 0.960535.

The republic was offering a purchase price of $1,000 per $1,000 principal amount, plus accrued interest.

The offer expired at 5 p.m. ET on Feb. 14.

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 said it made 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.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.