Kenya confirms raises $2 billion for debut Eurobond
19 June 2014, 08:33
Nairobi - Kenya has raised a total $2 billion with a debut Eurobond with 5-year and 10-year tranches, and its proceeds will be used for budget support and repayment of a $600 million syndicated loan, the finance minister said on Wednesday.
The cabinet secretary for the Treasury, Henry Rotich, said in a statement the 5-year tranche worth $500 million would have a 5.875 percent interest rate, while the $1.5 billion 10-year tranche would have an interest rate of 6.875 percent.
The $2 billion would have a weighted average interest rate of 6.6 percent and the offer was expected to close on June 24, he said.