The Mozambican Government has just announced that, pursuant to the agreement of principles concluded in May this year, it has formally launched an exchange offer for its 10.5% Eurobond of 2023. With this offer the Government seeks to achieve the necessary restructuring of its debt which, could allow Mozambique’s relationship with the international financial community to somewhat go back to normal.
The offer requires 75% approval of holders of the total outstanding principal to be accepted and will require a deadline for response on 6 September. If accepted, the settlement should be done on September 30th. The technical information about the operation and its procedures can be found in the “Consent Solicitation Memorandum” released today by Mozambique’s ministry of Economy and Finance .