Family Bank Redeems Ksh2 Billion Corporate Bond -

Family Bank Redeems Ksh2 Billion Corporate Bond

Family Bank CEO Rebecca Mbithi
Family Bank CEO Rebecca Mbithi. [PHOTO/ COURTESY]

Family Bank has redeemed its five and half years (5 and ½ year) Medium-Term Notes (MTN) worth Ksh2.0188 billion that was due on April 19, 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 percent coupon, Mixed Rate Notes with a 14.00 percent 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.

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