KENGEN: PIBO closes

The kengen public infrastructure bond, through which the countrys main electric power producer was seeking, and successfully managed to raise 15 billion shillings to expand its capacity, closed at exactly 3 p.m. today.
The targeted 15 billion shillings is estimated to have been mobilized by close of business, friday, but the issuer is opting for the green-shoe option to tap into an additional ten billion shillings. This means that investors still have another opportunity to put in their money into the countrys electricity generation infrastructure. The offer comes in with a 12.5 percent annual interest payable semi annually, the interest will not be subjected to withholding tax and the bond will be tradeable at the nairobi stock exchange once it is listed. The minimum investment has been 100,000 shillings and the debt instrument can be purchased at any authorised agent. The selling agents include all stock brokerage houses, investment banks and their agents which include some commercial banks.

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