Mozambique has made a payment of approximately USD 142 mln to settle part of a USD 522 mln loan, which was arranged by Credit Suisse for state-owned ProIndicus. The payment included USD 96 mln in local-currency bonds and USD 46 mln in cash. The settlement relates to loans guaranteed by the government a decade ago without proper disclosure to the IMF. The issued bonds under this settlement have a six-year maturity with a two-year grace period for principal payments and an interest rate initially fixed at 18%, after which it floats at the T-bill rate plus 200 bps.