Gabon Wraps Up $500 Million Debt-for-Nature Swap (1)

Gabon has completed a $500 million debt-for-nature swap that helps to refinance a small portion of its debt and locks in funds for marine conservation.

Bank of America, Gabon and The Nature Conservancy said they closed the transaction on Tuesday, marking the first such swap done in continental Africa. Gabon bought back $500 million worth of three dollar denominated bonds for $436 million, according to Moody’s Investors Service. Those bonds — equivalent to about 4% of Gabon’s debt — were exchanged for a new longer-term $500 million loan that was funded, in turn, by an equivalent amount of ...