Family Bank eyes expansion after a successful corporate bond issue

KENYA – Family Bank plans to expand its presence to all 47 counties in Kenya as it gears up for tier-1 status in the next three years, with the drive being funded by the proceeds of its corporate bond that started trading on the Nairobi Securities Exchange (NSE) on 30th June 2021. The tier-II lender said it would use the funds to increase its branch network from the current 92 outlets in 37 counties, widening its presence and customer base as it also considers an initial public offering proposal. “We…

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Family Bank raises US$41m in fresh corporate bond

KENYA – Financial institution Family Bank has raised US$41 million in fresh corporate bond, marking a subscription of 147.3 percent against a US$27.8 million target with a greenshoe option of US$9.3 million in its first tranche of the corporate bond offer via private placement. A greenshoe option is an over-allotment option which gives an entity offering shares to the public to sell to investors more shares than initially planned by the issuer when the demand proves higher than expected. In this case, it allows the lender to raise more money…

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Kenya’s Family Bank to issue US$37m corporate bond to drive its growth agenda

KENYA – Financial institution Family Bank is returning to the corporate bond market as it seeks to raise US$37 million to fund its growth. The Kenyan lender says it has received approval from the Capital Markets Authority to raise the funds by way of a public offer. The bank plans to raise another US$37 million within the next five years in multiple transactions, raising the potential total debt issuance to US$74.2 million. “We are positioning the bank for the second phase of growth as per our 2020-2024 strategy anchored on…

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BUA Cement Plc successfully completes US$29m Series 1 Corporate Bond Issue

NIGERIA – BUA Cement Plc, a part of BUA Group, has announced that it has successfully concluded its N115 billion (US$29m) Series 1 Fixed Rate Senior Unsecured Bond Issue under its maiden N200 billion (US$51m) Bond Issuance Programme. With this development, BUA Cement’s Series 1 Bond becomes the largest ever corporate bond issued in the Nigerian Debt and Capital Markets. A statement issued by the company said the development signalled growing investor confidence in the cement company. According to the company, an application will be made to dual-list the bonds…

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