Green Bond Fact Sheet
Acorn Holdings

Date: 16/10/2019

Issue date: 03-10-2019 Maturity date: 02-10-2024 Tenor: 5 years
Issuer Name

Acorn Holdings

Amount Issued

KES4.3bn/USD41.5m

Country of risk

Kenya

CBI Database

Included

Issuer Type1

Non-financial corporate

Bond TypeUse of proceeds Bond

Green Bond Framework

N/A

Second party opinion

N/A

Certification Standard

Certified under Climate
Bonds Standard v2.1,
including sector-specificcriteria for:

Assurance report

Pre Issuance Verification

DNV GL

Green bond rating

N/A☐ Energy☐ Solar☐ Onshore wind
☐ Offshore wind
☐ Geothermal☐ Hydro☐ Tidal☐ Biofuels☐ Bioenergy☐ Waste to energy☐ District heating☐ Electricity grid

☐ Energy storage☐ Energy performance☐ Infrastructure☐ Industry: components☐ Adaptation & resilience☒ Buildings☒ Certified Buildings☐ HVAC systems☐ Energy performance☐ Water performance☐ Energy storage/meters☐ Other energy related☐ Industry: components☐ Adaptation & resilience☐ Transport☐ Electric vehicles☐ Low emission vehicles☐ Bus rapid transit☐ Passenger trains☐ Urban rail

☐ Freight rolling stock☐ Coach / public bus☐ Bicycle infrastructure☐ Energy performance☐ Transport logistics☐ Infrastructure☐ Industry: components☐ Adaptation & resilience☐ Water & wastewater☐ Water distribution☐ Water treatment☐ Wastewater treatment☐ Water storage☐ Storm water mgmt
☐ Flood protection☐ Desalinisation plants☐ Erosion control☐ Energy performance☐ Infrastructure☐ Industry: components☐ Adaptation & resilience• Low Carbon Buildings(Residential)
Certification Verifier
Use of Proceeds☐ Waste management☐ Recycling☐ Waste prevention☐ Pollution control☐ Landfill, energy capture☐ Energy performance☐ Infrastructure☐ Industry: components☐ Adaptation & resilience☐ Land use &agriculture☐ Afforestation/parks☐ FSC Forestry☐ FSC Cellulose & paper☐ Land remediation☐ Energy/water efficiency☐ Sustainable agriculture☐ Adaptation & resilience☐ Other☐ Adaptation &resilience☐ ICT☐ Industry: process

Issue details
ReportingCompany information

There will be quarterly reports on the allocation of proceeds to bondholders until fullallocation. In addition to information about the use and allocation of proceeds, the reports willalso include key impact indicators such as estimated ex-ante annual energy consumption(KWh/m2), estimated annual GHG emission reductions (tCO2), water savings and otherefficiency improvements.
Acorn Holdings is a property development firm based in the East Africa. Its previous
developments have included commercial properties in Kenya.
Since 2015, it has focused its activities on developing good quality rental accommodation forstudents and young professionals in Nairobi.

Firsts, records andcertifications
Proceeds description

Climate Bonds view

This is the first Certification from Kenya
The proceeds of the bond will be used to finance the construction of residential buildings
across 6 developments in Nairobi. These developments are expected to be completed in 2020
and 2021. They will provide several thousand rental housing units for students and young
people in general.
The buildings have received EDGE Certification and, therefore, meet the requirements of theLow Carbon Buildings Residential Criteria.
Kenya is a key market in Eastern Africa. A green bond market that funds social needs is a great
example of now the country can set a positive precedent domestically and in Africa moregenerally.

Underwriters

Stanbic Bank

Deal comments
Credit Rating
Pricing summary

B1 Global, a notch above the Kenyan government’s rating of B2.
Coupon of 12.25%

Investors summary
1Issuer categories: ABS, development bank, financial corporate, government-backed entity, loan, local government, non-financial
corporate, sovereign