June 28, 2018 / 9:35 PM / in a year

Chad, Glencore finalise restructuring of oil-backed loan

The logo of commodities trader Glencore is pictured in front of the company's headquarters in Baar, Switzerland, September 30, 2015. REUTERS/Arnd Wiegmann/File Photo

DAKAR (Reuters) - Chad and Glencore have signed a final agreement to restructure an oil-backed loan of more than $1 billion (£0.7 billion), the government of the West African country said in a statement on Thursday.

The deal, which was first struck in February, extends the maturity of the loan from 2022 to 2030, reduces the interest rate and adds a two-year grace period on principal payments.

Reporting by Bate Felix; Writing by Aaron Ross; Editing by Leslie Adler

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