Zambia Wins 75% Support for 2053 Bond Buyback After Adding $65 Million
Updated
Updated · Bloomberg · Jun 10
Zambia Wins 75% Support for 2053 Bond Buyback After Adding $65 Million
3 articles · Updated · Bloomberg · Jun 10
Summary
More than 75% of holders backed Zambia’s tender for its 2053 dollar bonds, giving the government enough support to buy back the issue in full and compel remaining investors to sell.
An extra $65 million helped bring in holdout creditors that had resisted the transaction, according to people familiar with the matter.
Bondholders will receive 84.35 cents on the dollar under the deal, with the price sliding toward 82.76 cents as participation moves closer to 100%.
The result advances Zambia’s debt restructuring by clearing a key external bond overhang through a buyback launched at the end of May.