{"id":59751,"date":"2024-03-26T19:48:28","date_gmt":"2024-03-26T19:48:28","guid":{"rendered":"https:\/\/www.africa-press.net\/zambia\/?p=59751"},"modified":"2024-03-26T13:46:47","modified_gmt":"2024-03-26T13:46:47","slug":"details-of-the-debt-restructuring-agreement","status":"publish","type":"post","link":"https:\/\/www.africa-press.net\/zambia\/all-news\/details-of-the-debt-restructuring-agreement","title":{"rendered":"Details of the debt restructuring Agreement"},"content":{"rendered":"

Africa-Press – Zambia. <\/strong><\/span>Details of the Agreement; \u25cf Government to pay $187million in 2024, \u25cf two new bonds to be issued, \u25cf consent fee of 1.5% on the coupon face value, \u25cf Lazard Feres and White & Case LLP are advisors for Zambia on this matter<\/p>\n

The Ministry of Finance and National Planning of the Government of Zambia (the \u201cGovernment\u201d), advised by Lazard Fre\u0300res and White & Case LLP, acting respectively as financial and legal advisors, is pleased to announce that following private discussions between March 18 to 25, 2024 with the members of the Steering Committee (the \u201cSteering Committee\u201d) of the Ad Hoc Creditor Committee (the \u201cCommittee\u201d), advised by Newstate Partners LLP and Weil, Gotshal & Manges (London) LLP, it has reached an agreement with the Steering Committee on the key commercial terms of a proposed restructuring transaction (the \u201cRestructuring\u201d) relating to the Government\u2019s bonds due 2022, 2024 and 2027 (the \u201cBonds\u201d, and the holders thereof, the \u201cBondholders\u201d).<\/p>\n

The agreement with the Steering Committee also includes the Government accepting certain non-financial terms of the New Bonds, including a most favoured creditor clause that will require the Government to ensure certain other creditors do not receive a better recovery in the restructuring on net present value terms, a loss reinstatement clause if Zambia were to default during the term of the existing IMF program and certain ongoing information delivery requirements by Zambia<\/p>\n

Note: (1) In addition, the execution of the transaction would involve the introduction of a consent fee of 1.5% of the original face value amount of bonds (US$ 3bn) to incentivize participation to the exchange offer.<\/p>\n

(2): Trigger date means the commencement date for the terms relevant to the Upside Case to take effect.<\/p>\n

For More News And Analysis About Zambia<\/a> Follow Africa-Press<\/a><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"

Africa-Press – Zambia. Details of the Agreement; \u25cf Government to pay $187million in 2024, \u25cf two new bonds to be issued, \u25cf consent fee of 1.5% on the coupon face value, \u25cf Lazard Feres and White & Case LLP are advisors for Zambia on this matter The Ministry of Finance and National Planning of the […]<\/p>\n","protected":false},"author":84,"featured_media":59750,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2,25,6,248],"tags":[234,235,233],"class_list":["post-59751","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-all-news","category-featured","category-files","category-to-homepage","tag-africa-press","tag-africa-press-zambia","tag-zambia"],"yoast_head":"\nDetails of the debt restructuring Agreement - Zambia<\/title>\n<meta name=\"description\" content=\"Details of the Agreement; \u25cf Government to pay $187million in 2024, \u25cf two new bonds to be issued, \u25cf consent fee of 1.5% o ...\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.africa-press.net\/zambia\/all-news\/details-of-the-debt-restructuring-agreement\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Details of the debt restructuring Agreement\" \/>\n<meta property=\"og:description\" content=\"Details of the Agreement; 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