July 18, 2014 / 5:27 AM / 3 years ago

REFILE-Kenya's Britam raises $68 mln via corporate bond

1 Min Read

(Corrects date in dateline to July 17)

NAIROBI, July 17 (Reuters) - Kenyan financial services company British American (Britam) raised 6 billion shillings ($68.4 million) through a corporate bond issue, doubling its initial target.

The firm runs insurance, asset management and property development businesses, with operations in neighbouring Rwanda, Uganda and South Sudan.

Market participants said the bond paid an interest rate of 13 percent although the company did not include those details in a statement seen by Reuters on Thursday.

Investors offered bids worth 7.4 billion shillings, a 147 percent over the subscription level.

It will use the funds for further expansion in Kenya and in neighbouring countries, an acceleration of property development and to increase investment in private equity, the company said.

$1 = 87.7000 Kenyan Shillings Reporting by Drazen Jorgic; Editing by Duncan Miriri and Pravin Char

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