Prime Bank has raised Sh1 billion ($10 million) through private placement to help it expand its loan book for lending to Small and Medium Enterprises in Kenya.
Burbidge Capital acted as the arranger & placing agent and Coulson Harney as the legal advisors.
During the signing, Managing Director Mr. Bharat Jani said the Bank raised USD10 million issued through a private placement of 5.5 year USD denominated notes representing a 100% subscription rate.
“The 5.5 -year bond will be raised in tranches with the proceeds going expansion and strengthening the bank’s capital base,” he added.
Mr.Jani added that the bank plans to use the funds to support its future expansion plans.