The planned medium term note will have a green shoe option of Sh1 billion - meaning that Britam will accept offers of up to Sh1 billion above the targeted Sh5 billion in case of an over subscription.
Britam closed at Sh17.65, a slim 0.57 per cent higher that Thursday's closing. The debt facility will be floated in two tranches of Sh3 billion, which has the green shoe option, and Sh2 billion in the second issue.
The additional cash will be spent on ongoing and new real estate projects, investment in private firms, growth of Kenyan and regional business, and upgrade of the ICT investments, Britam had said in its application documents.
Most Popular Stories
- National Retail Federation Reduces Sales Forecast
- Long-term Strengths Emerge in U.S. Economy
- Honda' s Accord Plug-in Hybrid Is a Fuel Miser
- Amazon Fire Phone Improves on Familiar: Review
- Self-Induced Abortions Rise After Texas Closes Clinics
- Naya Rivera and Ryan Dorsey Are Married
- Comic-Con Festival Kicks Off in San Diego
- Xavier Gutierrez Appointed to Bank Board
- Marco Rubio Swings Back to the Right
- Social Media Startups That Pay You to Post