Mozambique to Finally Restructure Eurobonds by End-September

Mozambique plans to conclude restructuring its dollar bonds by the end of September, almost three years after first announcing the proposal, Bloomberg News reported. The southeast African nation asked holders of $727 million of debt due 2023 to exchange it for $900 million of notes maturing five years later. 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. Mozambique needs to return to international capital markets to raise funds for its participation in about $50 billion of planned gas projects that companies including Exxon Mobil Corp. plan to develop. Read more

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