London Stock Exchange welcomes His Excellency President Uhuru Kenyatta, Edward Kirathe, CEO of Acorn Holdings Ltd and The Rt Hon Alok Sharma MP celebrating Acorn Holdings Ltd green bond issuance
Acorn Holdings Ltd. (Acorn), the largest Purpose-Built Student Accommodation (PBSA) property developer in Kenya, has dual-listed its KES 4.3 billion green bond programme, on the International Securities Market (ISM) of London Stock Exchange.
To celebrate the Acorn bond programme listing, David Schwimmer, CEO of London Stock Exchange Group, welcomed H.E. President Uhuru Kenyatta of Kenya, the Rt Hon Alok Sharma, UK Secretary of State for International Development, and Edward Kirathe, CEO Acorn Holdings Ltd. to open London’s markets for trading today. The bond programme first listed at the Nairobi Securities Exchange on 13 January 2020.
The KES 4.3 billion medium-term note (MTN) programme will be used to finance the construction of green-certified student properties developed by Acorn; to create clean, safe, and affordable accommodation for 5,000 students in Nairobi.
Structured as a project bond, and the first with a deferred draw down structure, the programme is also the first ever to achieve green certification in Kenya, which ensures that it contributes to reducing carbon emissions.
Moody’s has rated Acorn’s MTN programme B1 which is one notch higher than Kenya’s sovereign rating of B2. This is the first non-governmental green bond rated by Moody’s in Africa.