Zambia's overseas bondholders have entered into non-disclosure agreements (NDA) with the government as of Wednesday, according to three sources, a key step marking the beginning of formal restructuring talks over $3 billion of international bonds.
The country's government is expected to share with some of its biggest international bondholders - members of the creditor committee - detailed information that forms the basis of debt restructuring talks as early as Wednesday, said the sources with direct knowledge, who asked not to be identified because talks are private.bilateral creditors
There will be a restriction period of two weeks, with the option to extend it if both sides agree, two sources added. The creditor group, advised by Newstate Partners and Weil, Gotshal & Manges, consists of 15 European and U.S.-based institutions, holding in aggregate around 45% of Zambia’s Eurobonds.
Besides net present value reductions, talks will focus on how to incorporate the impact of a potential improvement of Zambia's debt carrying capacity, or its ability to handle debt payments.
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