HF gets Sh3bn loan to repay corporate bond in October

Frank Ireri, Housing Finance CEO. PHOTO| FILE
Frank Ireri, Housing Finance CEO. PHOTO | FILE 

The Housing Finance (HF) #ticker:HFCK has raised more than Sh3 billion from international investors, with the company planning to use part of the debt to help repay its Sh7 billion corporate bond which matures on October 2.

“We raised more than Sh3 billion in foreign currency debt in mid-July,” HF’s chief executive Frank Ireri told Business Daily in an interview.

“We will use the funds to repay the bond and also finance our operations,” he said, adding that investors offered the company more than the Sh1.5 billion it had initially targeted.

He did not disclose the price and tenor of the funds borrowed. The identity of the financiers was also not given but the company had earlier said it would seek funds from development finance institutions.