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NAIROBI - The Republic of Kenya has completed the settlement of its tender offer for $1 billion worth of 7.250 percent Notes due 2028, following a brief delay in payments to bondholders.
According to a statement released today, Kenya has instructed payment of the purchase price and accrued interest for all validly tendered notes. The settlement, originally scheduled for October 14, was delayed due to "unforeseen technical delays among correspondent intermediaries" resulting from public holidays in both the United States and Kenya.
The Republic confirmed that funds to fully settle the offer will be distributed today, October 15. The tender offer, which was announced on October 2, resulted in Kenya accepting all notes that were validly tendered by the deadline.
The bond buyback operation targeted the country’s $1 billion 7.250 percent Notes due 2028, which trade under various identification codes including Reg S ISIN XS1781710543 and 144A ISIN US491798AG90.
Citigroup Global Markets Limited and The Standard Bank of South Africa Limited served as dealer managers for the transaction, while Citibank N.A., London Branch acted as the tender agent.
The Republic did not disclose the total amount of notes tendered or the purchase price paid in the statement.
This tender offer represents part of Kenya’s debt management strategy as the country addresses its outstanding international obligations. The information was provided in a press release statement distributed through the London Stock Exchange’s news service.
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