Kenyan bonds reported to be oversubscribed

In Kenya, Bloomberg is reporting that a $200 M bond sale for Kenya Electricity Generating Co. may be oversubscribed. If so, the company has approval to raise an additional $130+ M. The sale began September 15 and final results will be published on Oct. 30. The bonds are to be listed on the Nairobi Stock Exchange on November 9. Kenya Electricity plans to use the funds to increase generating capacity, from geothermal energy, by 500 megawatts by 2012.