Mozambique formally launches restructuring offer for 2023 Eurobond

The Mozambican government formally launched an exchange offer for its defaulted 2023 Eurobond on Tuesday, seeking the consent of bondholders for a restructuring that would ease pressure on its strained public finances.

Mozambique said in May it had agreed to a restructuring deal "in principle" with the majority of the holders of the dollar-denominated bond, one of the instruments at the center of a hidden debt scandal that triggered a currency collapse.

In the exchange offer, Mozambique said a settlement of the restructuring of the bond was expected to occur on Sept. 30, if the offer was approved by at least 75 percent of bondholders.

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