By Amb. Emmanuel Mwamba
Details of the Agreement;
● Government to pay $187million in 2024,
● two new bonds to be issued,
● consent fee of 1.5% on the coupon face value,
● Lazard Feres and White & Case LLP are advisors for Zambia on this matter
The Ministry of Finance and National Planning of the Government of Zambia (the “Government”), advised by Lazard Frères and White & Case LLP, acting respectively as financial and legal advisors, is pleased to announce that following private discussions between March 18 to 25, 2024 with the members of the Steering Committee (the “Steering Committee”) of the Ad Hoc Creditor Committee (the “Committee”), advised by Newstate Partners LLP and Weil, Gotshal & Manges (London) LLP, it has reached an agreement with the Steering Committee on the key commercial terms of a proposed restructuring transaction (the “Restructuring”) relating to the Government’s bonds due 2022, 2024 and 2027 (the “Bonds”, and the holders thereof, the “Bondholders”).
The agreement with the Steering Committee also includes the Government accepting certain non-financial terms of the New Bonds, including a most favoured creditor clause that will require the Government to ensure certain other creditors do not receive a better recovery in the restructuring on net present value terms, a loss reinstatement clause if Zambia were to default during the term of the existing IMF program and certain ongoing information delivery requirements by Zambia
Note: (1) In addition, the execution of the transaction would involve the introduction of a consent fee of 1.5% of the original face value amount of bonds (US$ 3bn) to incentivize participation to the exchange offer.
(2): Trigger date means the commencement date for the terms relevant to the Upside Case to take effect.
Emmanuel Mwamba is so annoying because of the most is quick to talk about things he doesn’t understand and know. The more he talks or writes the more he becomes irrelevant to the political discourse of Zambia.
Please let the Ministry of Finance and National Planning give a detailed explanation concerning the restructured debt agreement. The responsible minister and his staff have all the details and sufficient knowledge to give a proper explanation. Why is it that on every issue Emmanuel Mwamba is quick to comment simply because he goes to search things on Google doesn’t make him to be smart. It doesn’t work like that, it is unfortunate to have people like Emmanuel Mwamba who are determined to mislead masses on issues they do not fully understand just to gain political mileage.
The docility of government spokespersons and media is allowing Mwamba to appear knowledgeable. Mwamba is so bored that he has to rush to explaining contents of debt restructuring.
When did Ema become the new minister of information?
He seems to be doing a good job informing the nation. Let him continue.
Maybe in his former life he was a woman addicted to Gossip, and there are many bloggers who are like him, everyday tabanaka ukusabaila with their toxicity. He could have undergone transgender