ARM cement seeks up to $105 mn in bond
ARM cement seeks up to $105 mn in bond

ARM cement seeks up to $105 mn in bond

Kenya´s ARM Cement aims to raise up to $105 million via a privately placed five-year bond to retire more expensive short-term debt. "The proceeds from the five-year bond will be used to replace existing short term borrowings. There is no increase in total debt only refinancing existing short-term debt," Pradeep Paunrana, chief executive of ARM Cement, told.

ARM planned to raise $90 million from the debt securities, with an option to take in an extra $15 million should the original amount be oversubscribed. ARM Cement posted a pretax loss of 645 million shillings ($6.32 million) for the nine months to September, blaming losses related to the depreciation in regional currencies against the dollar.

Related Stories

Indian Cement Review
indiancementreview.com