Kenya's ABC Bank raises $12 million via bond

NAIROBI Wed May 28, 2014 9:10am EDT

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NAIROBI May 28 (Reuters) - Kenya's ABC Bank raised 1.021 billion shillings ($11.62 million) through private placement of a corporate bond, the bank said in a statement seen by Reuters on Wednesday.

The bank, which had sought to raise 650 million shillings but accepted the full amount offered by investors, said it will use the cash to boost lending to small and medium enterprises.

Proceeds of the bond, which comes with a tenure of 5.25 years, will also be used to help the lender meet new capital adequacy requirements, it added.

ABC did not say what yield the bond attracted.

($1 = 87.8500 Kenyan Shillings) (Reporting by Duncan Miriri; editing by Jason Neely)

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