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Arnold & Porter Represents the Republic of Kenya on Largest Ever Debut Sovereign Bond from Africa

June 24, 2014

London, 24 June 2014 -- Arnold & Porter LLP has advised the Republic of Kenya on its debut international bond issue.  The US$2 billion transaction is the largest ever debut offering by an African country, according to the Financial Times. The US$500 million 5-year bond and US$1.5 billion 10-year bond, which were sold to US investors under Rule 144A and outside the US in reliance on Regulation S, are listed on the Irish Stock Exchange.

"This is a landmark transaction for Kenya and Africa more widely. It establishes important sovereign benchmarks for Kenya" said Whitney Debevoise, the Arnold & Porter partner who led the Firm's legal team working on the transaction.

The Arnold & Porter team was also comprised of partner Jeremy Willcocks, with partner Cynthia Mann providing tax advice and partner Ian Kirby providing advice on related litigation matters. They were assisted by associates Carlos Pelaez, John Gatmaitan and Ben Kieft. Local counsel for Kenya was Anjarwalla & Khanna and the Office of the Attorney General.

Arnold & Porter has a long and distinguished history of advising sovereigns in financial transactions and related issues and undertakings.  It has been active in representing the ministries of finance and central banks of many countries since well before the original debt crisis of the 1980s.  It has also been involved in numerous financial transactions on behalf of sovereigns throughout Latin America, the Caribbean, Europe, Africa and Asia.  Among its sovereign clients are Azerbaijan, Brazil, Colombia, Costa Rica, El Salvador, Honduras, Hungary, Israel, Turkey, Tunisia, Panama and Venezuela.  In addition, the firm has represented and advised a number of the world's most prominent multilateral financial institutions, including the World Bank, the Inter-American Development Bank, the International Finance Corporation, OPIC, the European Bank for Reconstruction and Development, and the Bank for International Settlements, in significant financial transactions and other novel legal assignments.

This announcement is of a completed transaction and does not constitute an offer to sell or the solicitation of an offer to buy securities in the United States or any other jurisdiction.

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