Kenya’s EABL to raise Sh6 billion via medium term note

Kenya’s East African Breweries (EABL) said on Monday it planned to raise up to 6 billion shillings ($58.51 million)using a five-year medium term note.

EABL, controlled by Britain’s Diageo, said the amount was the remainder of an 11 billion shilling note with a fixed coupon rate of 12.25 percent that it issued in 2015, when it raised 5 billion shillings. The note would be offered only in Kenya and would be on sale between March 13 and March 24 and will be listed on the Nairobi Securities Exchange, it said in a statement.

When the note was first issued in 2015, the company said its proceeds would be used for general use and capital expenditure.

Passing the mantle