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Chad Signs Deal With Glencore After Review of $1 Billion Debt

  • African nation receives grace period, pays lower interest rate
  • Glencore to guarantee oil supply for domestic refining
Pedestrians pass a mobile phone store in N'Djamena, Chad
Photographer: Xaume Olleros/Bloomberg

Chad signed a deal with Glencore Plc to restructure more than $1 billion in debt in an agreement that will help the African nation to avoid a financial crunch.

The review was signed on Wednesday and is a “good outcome” for Chad, Guillaume Foucault, a spokesman for the country’s national oil company, said by phone from Paris. Under the terms of the agreement, the loan’s maturity is extended to 12 years while Chad will receive a grace period of two years, said Foucault.