Kenya has settled its US$900 million tender offer after resolving technical delays. The tender has settled effectively on March 11. The government will repurchase US$580 million of May 2027 bonds, having previously issued a US$1.5 billion bond for liability management.
Kenya has resolved an issue regarding its tender offer for US$900 million of 7% bonds maturing in 2027, after experiencing unexpected technical delays among banking intermediaries. The tender was initially scheduled to conclude on March 10, but was postponed to March 12. Ultimately, Kenya announced the offer had effectively settled on March 11, indicating that the technical difficulties had been addressed.
In summary, Kenya has successfully navigated a temporary setback in its bond tender offer after resolving the banking issues. The country will repurchase approximately US$580 million of its May 2027 bonds, while also recently issuing a significant March 2036 amortizing note. Notably, Citigroup and Standard Bank managed both the new issuance and the tender offer, demonstrating their pivotal roles in this financial transaction.
Original Source: www.zawya.com
