East African Breweries PLC (EABL) has raised KES 16.76 billion in the first tranche of its KES 20 billion Medium-Term Note (MTN) Programme, following an oversubscription of more than 152 percent.
In a statement, the brewer said it received applications amounting to KES 16.76 billion against the initial target of KES 11 billion, reflecting strong investor confidence in the company’s credit position and performance outlook.
“EABL received applications for Notes amounting to KES 16,764,220,000.00 against the original target of KES 11,000,000,000, representing an overall subscription rate of 152.4020 percent,” the company said.
Given the massive uptake, EABL exercised the green-shoe option of an additional KES 6 billion and sought regulatory approval to increase the total allotment for the tranche.
The Capital Markets Authority granted approval on 12 November 2025, allowing the brewer to take up the full KES 16.76 billion.
“This increase remains strictly within the KES 20 billion MTN Programme limit previously approved by the CMA,” the company noted.
The notes will be issued on 18 November 2025 and will mature on 18 November 2030, carrying an annual coupon rate of 11.80 percent. Payments will be made semi-annually, every 18 May and 18 November.
EABL said all successful applicants will have their notes credited to their CDSC accounts by 20 November, while the notes are expected to list on the Nairobi Securities Exchange on 25 November.
The arranger and placing agents for the issue were Absa Bank Kenya PLC and Absa Securities Limited, while Image Registrars served as the paying agent. The note trustee was MTC Trust & Corporate Services Limited.
The Medium-Term Note Programme is expected to support EABL’s long-term capital needs and fund strategic business initiatives.
