East African Breweries Plc (EABL) has successfully raised KSh 16.76 billion in its first bond tranche, a sale that was oversubscribed as investors showed strong appetite for high-grade corporate paper in a stabilizing economic environment.
- •The brewer, part of the global Diageo Plc group, received applications worth KSh 16.76 billion against an initial target of KSh 11 billion, a performance rate of 152.4%.
- •In response to the robust demand, the company secured regulatory approval to exercise the full KSh 6 billion greenshoe option, allowing it to accept all valid bids, EABL said in a public announcement on Thursday.
- •The bonds, which were offered at a minimum denomination of KSh 10,000, will pay interest semi-annually on May 18 and November 18 each year.
The five-year notes carry a coupon of 11.80% per annum and will mature on November 18, 2030.
| Bids Received | KSh 16.76 billion |
| Oversubscription | 152.40 percent |
| Green shoe approved | KSh 6 billion |
| Coupon Rate | 11.80 percent |
| Tenor | 5 years |
| Issue Date | 18 November 2025 |
| Maturity Date | 18 November 2030 |
| Coupon Payments | 18 May and 18 November |
| CDSC Upload | 20 November 2025 |
According to the issuance timetable, the notes will be credited to investors' Central Depository & Settlement Corporation (CDSC) accounts by November 20, with a proposed listing on the Nairobi Securities Exchange (NSE) set for November 25. This listing will provide secondary market liquidity for investors.
The capital raised under the KSh 20 billion Medium-Term Note Programme is earmarked to refinance short-term obligations and bolster funding for core operations. The successful debut tranche positions EABL to efficiently access the bond market for future funding needs, reducing its reliance on bank debt.
