Mozambique Reaches Agreement on Restructuring of Eurobonds

Mozambique reached an agreement in principle on key terms to restructure $726.5 million of Eurobonds, in which bondholders will no longer get access to the country’s future natural-gas revenue.

Bondholders will be invited to vote in favor of an exchange of their debt for a new series of securities maturing on Sept. 15, 2031, according to a Finance Ministry statement. The agreement was reached between the government and bondholders representing about 60% of the outstanding debt.