Maputo — Mozambique’s agreement with the bulk of its creditors to restructure a $726.5m Eurobond has good terms and conditions and was “a relief for the budget”, finance minister Adriano Maleiane said on Thursday. Mozambique, which has missed several repayments, said on Tuesday it had struck an agreement with the bulk of its creditors to restructure the Eurobond, including extending maturities and sharing future revenue from offshore gas projects. Under the deal, Mozambique would issue a new $900m Eurobond maturing in 2033, with a coupon of 5.875% — just more than half what the current outstanding bond was designed to pay in interest. “It’s a relief for the budget until the time we get additional revenue,” Maleiane told a business conference in Maputo. Speaking to Reuters on the sidelines of the conference, the minister said, “The commercial terms we reached with the four members of bondholders... I think it’s good terms and conditions.”

The four creditors who had agreed in pr...

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