Mozambique to Finally Restructure Eurobonds by End-September
- Government proposed Eurobond holders get longer-dated notes
- Restructuring is based on natural-gas revenue starting 2023
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Mozambique plans to conclude restructuring its dollar bonds by the end of September, almost three years after first announcing the proposal.
The southeast African nation asked holders of $727 million of debt due 2023 to exchange it for $900 million of notes maturing from 2028 to 2031. That’s mainly because the government expects it will have started earning revenue from Africa’s largest liquefied-natural-gas project, and won’t have difficulty in repaying debts.