Kenya to buy back about $577 million of 2027 Eurobond

Kenya’s government said on Tuesday that it would buy back about $577 million of its 2027 Eurobond following a tender offer announced last week.

The East African country had offered to buy back all of the $900 million Eurobond, but as of a March 3 deadline it had received valid tenders worth $576,690,000, it said in a regulatory filing on the London Stock Exchange.

“The Republic will accept for purchase all Notes validly tendered pursuant to the Offer,” the filing said.

The buyback is part of the government’s efforts to smooth its debt maturity profile. As part of the exercise, it issued a new $1.5 billion Eurobond maturing in 2036.