Kenya's East African Breweries says $54M medium-term note oversubscribed

Tusker Lager is one of the beverages brewed by East African Breweries.

Kenya‘s East Africa Breweries Ltd (EABL) said on Tuesday the first tranche of medium-term note it issued in March to raise 5 billion shillings ($54 million) was oversubscribed, attracting 9.05 billion shillings in bids.

The 5 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 5 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. ($1 = 92.3000 Kenyan shilling)

Read more: Kenya's EABL says $54 mln medium-term note oversubscribed | Reuters.