Kenya's EABL says $54 mln medium-term note oversubscribed - CNBC Africa

Kenya's EABL says $54 mln medium-term note oversubscribed

East Africa

by Reuters 0

Kenya's EABL says $54 mln medium-term note oversubscribed. PHOTOS: africanbusinessreview

Kenya's East Africa Breweries Ltd (EABL) said on Tuesday the first tranche of medium-term note it issued in March to raise five billion shillings (54 million US dollars) was oversubscribed, attracting 9.05 billion shillings in bids.

(READ MORE: Kenyan economy strained by terrorist attacks)

The five billion note is part of the brewer's plan to raise 11 billion shillings using the notes, whose proceeds will go to general use and capital expenditure.

EABL, controlled by Britain's Diageo, accepted five billion shillings and said in a statement the note - with a fixed coupon rate of 12.25 percent - is expected to be listed on the Nairobi Securities Exchange on April 8.

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