Posted 10/26/2023, 11:57:00 AM
Zambia Reaches Debt Restructuring Agreement with Creditors
- Zambia reached agreement to restructure $3 billion of international bonds with key creditor group
- Deal proposes issuing 2 new "amortizing" bonds maturing in 2035 and 2053 under base case scenario
- Second 2035 bond increases coupon payments if Zambia's economy outperforms
- Deal provides $2.5 billion cash flow relief during IMF program through late 2025
- Zambia was first African nation to default during COVID-19 crisis in late 2020