FAMILY BANK REDEEMS OVER 2B MEDIUM TERM NOTE ON MATURITY

FAMILY BANK REDEEMS A KES 2.0188 BILLION MEDIUM TERM NOTE ON MATURITY

 

By Vera Shawiza

 

Family Bank  redeemed its five and half years (5 and ½ year)

Medium-Term Notes (MTN) worth KES

2.0188 Billion that was due on 19^th April 2021. On this maturity date,

the bondholders have been paid their principal together with the

accrued interest of the final six months.

 

 

The notes included Fixed Rate Notes with a 13.75% coupon, Mixed

Rate Notes with a 14.00% coupon and Floating Rate Notes with a

182-day T-bill coupon rate plus 250 basis points.

 

 

“We wish to thank the investors who participated in the medium-

term note. The MTN which was issued back in 2016 and listed in the

Nairobi Securities Exchange supported the Bank in its expansion

plans and served to strengthen the capital base to be able to

increase lending to Medium and Small Sized Enterprises,” said

Family Bank Chief Executive Officer Rebecca Mbithi.

 

 

“We remain focused on the growth of the Bank to continue meeting

the needs of our customers,” she added.

 

 

The lead transaction advisors for this transaction were NIC Capital

& Faida Investment Bank, Deloitte & Touché as the reporting

accountants, MTC Trust as the Note Trustees while Mboya

Wangong’u & Waiyaki Advocates were the legal advisors.