Real People Restructures KSh 267.1 Million Debt

Real People, a non-deposit taking financial solutions provider for businesses in East Africa,  has restructured it’s debt after noteholders resolved to extend the repayment period of its KSh267.1 million notes maturing in 2019 to February 28, 2020.

In a notice to the Dailies, the firm said on Wednesday it held a meeting with the holders of KSh267.1 million and Sh1.04 billion notes who agreed to the proposal through an extraordinary resolution.

Among the resolutions, the noteholders agreed that the final maturity dates for the Ksh 1.036 billion unsecured note be extended to 24 July 2028.

“The Notes shall be redeemed at their face value in four equal tranches on 1st August 2022, 29 July 2024, 27 July 2026 and 24 July 2028,” read the notice from the Board of Directors.

In 2018, the noteholders resolved that the maturity date of the 13.65 per cent 3-year fixed-rate notes be extended from 6 August 2018 to 6 January 2019.

The firm said it will announce in due course a strategic partner ‘whose identity shall be approved by Noteholders holding 75% of the Notes, by 28 February 2020’.

Real People has seven branches in Kenya, three in Uganda and an office in Tanzania.