Ethiopia strikes draft restructuring deal on $1 billion bond with bondholder group
LONDON, Jan 2 (Reuters) - Ethiopia has struck a preliminary agreement with a group of investors holding some of its $1 billion 2024 international bond, the Finance Ministry said on Friday, a crucial step on the African nation's path to restructure its debt.
The draft agreement covers the main financial terms of the debt rework, the statement on the ministry's official Facebook page said.
However, authorities still needed to agree the non-financial terms of the new instrument that was going to be issued to replace the defaulted bonds with the Ad Hoc Committee, it said.
The ministry had also communicated the terms of the agreement to the International Monetary Fund and its official creditors, and was waiting for feedback from both.
"The terms of the Agreement in Principle have been communicated to the OCC for their non-objection as well as to the IMF to ensure compliance with Ethiopia’s long-term debt sustainability," the statement said.
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