Nairobi – I&M Bank Kenya said on Friday the first tranche of its sh10b medium-term note was oversubscribed by 21.8 per cent or sh655m. The lender received bids amounting to sh3.7b, over and above the targeted sh3b, it announced in a statement.The firm, however, exercised the greenshoe option of up to sh1b as contained in the offer document, accepting all the applications it received by close of the two-week offer on December 6.Proceeds from the debt facility will be used to bolster the bank’s capital adequacy and support expansion projects, it said after receiving regulatory nod from Capital Markets Authority on November 15.The issued unsecured notes valued at sh3.655b will start trading at the fixed securities market segment of the Nairobi Securities Exchange on January 7, 2014.
