Acorn Holdings Ltd., the largest Purpose-Built Student Accommodation property developer in Kenya, has dual-listed its KES 4.3 billion green bond program on the International Securities Market of the London Stock Exchange. The medium-term note (MTN) program 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 program 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 program 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. Click here for announcements by the LSE and GuarantCo.
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