Kenya has announced a tender offer for its US$ 2 billion, 6.875% notes that are due to mature this June 2024.
- •Citigroup Global Markets Limited and The Standard Bank of South Africa Limited are acting as Dealer Managers and Citibank N.A., London Branch is acting as Tender Agent.
- •The offer commenced on February 7th 2024 while the pricing of the new notes is expected to occur on February 12th, 2024.
- •The above times and dates are subject to the right of Kenya to extend, re-open, amend, and/or terminate the Offer.
Receipt by Citibank NA London of all of the Tender instructions for investors to be able to participate in the Offer and to be eligible to receive the Purchase Price and Accrued Interest Payment on the Settlement Date will be on 14th February 2024.
The results will be announced on 15th February while payment of the Purchase Price and accrued interest payment will be done on 21 February 2024.
The deadlines set by any intermediary or clearing system will be earlier than this deadline and Noteholders should contact the intermediary through which they hold their Notes as soon as possible to ensure proper and timely delivery of Tender Instructions.
If Kenya decides to accept any valid tenders of Notes according to the Offer, the total amount that will be paid to each Noteholder on the Settlement Date an amount nearest to the nearest U.S.$0.01, with U.S.$0.005 rounded upwards, equal to the sum of the Purchase Price, being U.S.$1,000 per U.S.$1,000 in principal amount of the Notes.
- •Kenya is expected to announce its intention to issue new U.S. dollar-denominated notes and has already prepared an offering circular in preliminary form dated 7 February 2024.
- •This Preliminary Offering Circular is, and the Offering Circular once published will be, available from the Dealer Managers in their capacity as joint lead managers for the offer of New Notes, on request.
- •The target market for the new notes is professional clients and investors in the US, UK, and the rest of the European Union.
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