Im i the only one not over the moon with this?

Yes the company will avoid a rights issue. However, the cash generated from geothermal will go into paying this bond over 20 years. Kengen as of now has geothermal production contributing to its bottom line. This earning will now go into paying the bond, so less earning on the bottom line.
So as a rights issue dilutes by increasing the number of shares, this will dilute by decreasing the earnings attributable to shareholders.

and the bond is so huge( if there are such clauses), if unforseen events occurred it can swallow a company. 437 billion.

What we need to know is, how much does geothermal contribute right now to the bottom line.

IMO, this is to be thought separately. 1. The Asset Backed Bond (ABB) is a (specific) charge/mortgage on the steam & plants to be built from the ABB funds, and revenues from them will (specifically) repay the ABB holders. 2. The existing plants & revenues will continue servicing in general all the debt KGN already has (PIBO, multi-lateral e.t.c), and won't in anyway service the ABB commitment.

The financial requirements here are mindboggling. The ABB will raise KES 30bn but KenGen estimates that it needs USD 5bn (KES 437bn) in the next five years to reach a goal of doubling total generating capacity to 3,000 MW by 2018.

As we continue to debate the complex transactions, the mbus is coming back 10.55/= prints

Hehe..something like that but the Prospectus will be the truth & management needs to come out with it's own statement pronto. I personally not taking-in BD's version [away from the ABB part] wholesale - it's spooking. (a Buy?)