Nairobi, Feb. 18 -- Kenya is offering a price premium of up to 5.5 percent to buy back up to half a billion dollars (Sh64.5 billion) of its existing two Eurobonds in efforts to ease financing pressures.

The tender offer, which opened on Wednesday, is targeting $350 million (Sh45.2 billion) on the 12-year bond maturing in 2032, and $150 million (Sh19.4 billion) on a 10-year bond that falls due in 2028.

The Treasury will fund the refinancing effort using proceeds of a new Eurobond whose sale opened at the same time as the buyback.

This is the latest in a series of bond buybacks by the government in the past two years - part of a wider liability management plan aimed at lengthening the maturity profile of Kenya's public debt to ease repay...