Vodafone-backed Safaricom expects to raise the last part of its planned bond issue in Q3 this year.
The tranche is likely to be worth KSh4.5bn (US$60m).
The operator initially expected to issue three bond tranches worth a total of KSh8bn to KSh12bn…
Vodafone-backed Safaricom expects to raise the last part of its planned bond issue in Q3 this year.
The tranche is likely to be worth KSh4.5bn (US$60m).
The operator initially expected to issue three bond tranches worth a total of KSh8bn to KSh12bn (US$107m-US$160m) in 2009 and 2010.
However, the first tranche, launched in October, was oversubscribed and ended up raising KSh7.5bn instead of KSh5bn as planned.
As a result, Safaricom will only issue one more tranche to raise the remaining funds.
Barclays Bank Kenya, South Africa’s Absa Bank and CFC Stanbic have been mandated to arrange the issue.
