Kenyan mobile operator Safaricom plans to launch KSh4.5bn (E43m) worth of bond in Q3’10.
This placement will be the second tranche of a two-tranche KSh12bn bond issue.
The first tranche, launched in October 2009, was oversubscribed and ended up raising…
Kenyan mobile operator Safaricom plans to launch KSh4.5bn (E43m) worth of bond in Q3’10.
This placement will be the second tranche of a two-tranche KSh12bn bond issue.
The first tranche, launched in October 2009, was oversubscribed and ended up raising KSh7.5bn instead of the planned KSh5bn.
“We expect the price of this second tranche to be lower than the 12.25% rate of the first tranche,” investor relations manager, Suzanne Kilolo-Kengende said.
The proceeds will be used for capital expenditure and to pay dividends.
Barclays Bank Kenya, South Africa’s Absa Bank and CFC Stanbic have been mandated to arrange the two-tranche issue.
Safaricom, which is listed on the Nairobi stock exchange, is backed by Vodafone.
