Ethiopia has reached agreement in principle with Ad Hoc Committee of its Eurobond holders on principal financial terms of restructuring of 2024 Notes. The breakthrough came more than two years after Ethiopia started seeking the debt relief and over a year after defaulting on the Eurobond interest payment.
The agreement is mainly to restructure the 6.625 percent Notes due in 2024, Ministry of Finance announced on Friday.
Between 23 December and 1 January 2026 (the “Restricted Period”), the Ministry of Finance held restricted discussions with a group of holders (the “Ad Hoc Committee”, and together with Ethiopia, the “Parties”) of its USD1 billion 6.625 percent Notes due 2024 (the “2024 Notes”) to discuss the potential restructuring of the 2024 Notes.
