Lenders to Mozambique Want Similar Restructuring Deal to Bondholders

A group of syndicated loan members who lent $622 million to Mozambican state firm ProIndicus in 2013 are looking for a similar restructuring deal that has been agreed with Eurobond holders, a spokesman for the group said on Wednesday. Mozambique, which has missed several repayments, said on Tuesday it had reached an agreement to restructure a $726.5 million Eurobond, including extending maturities and sharing future gas revenues, Reuters reported. The Eurobond replaced an earlier bond issued by Mozambican state firm Ematum. “We welcome the Government of Mozambique’s progress on restructuring the Ematum-related transaction,” said a Credit Suisse spokesman, speaking on behalf of the ProIndicus loan group, which represents 86 percent of the outstanding debt. Read more