November 6, 2018 / 8:09 AM / 14 days ago

Mozambique to share gas revenue in 'tuna bond' restructuring - finmin

MAPUTO, Nov 6 (Reuters) - Mozambique’s finance ministry said on Tuesday that it had reached an agreement with creditors to restructure a $726.5 million bond, including sharing future revenues from huge offshore gas projects.

Mozambique has been battling to recover from a debt crisis after admitting in 2016 to $1.4 billion of previously undisclosed lending, much of which was supposed to be spent on a tuna fishing fleet.

The finance ministry said the restructuring would see bondholders receive new paper maturing in 2033 and a series of instruments linked to fiscal revenues from the Area 1 and Area 4 natural gas projects.

The four creditors currently own or control around 60 percent of the bond to be restructured, Mozambique said. (Writing by Alexander Winning Editing by Joe Brock)

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