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)