| Central bank governor Sinan Al-Shabibi has overseen the restructuring process |
About $14 billion of Saddam-era commercial debt was swapped into a $2.7 billion Eurobond that was issued in late January, after 100% of investors eligible to take part in the exchange accepted the invitation. Investors were given the option of receiving either the Eurobond notes or an interest in a multi-currency loan that has been sized at $175 million.
The new dollar-denominated notes mature in January 2028 and have a face value equivalent to 20% of what the companies were owed.
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