Angola on ​Thursday announced ⁠the results of its tender offer for ‌its 2028 and 2029 Eurobonds, saying it would pay ​bondholders $750 million to buy back some of the debt ​and issue more ​longer-dated debt to ease pressure on its public finances.

The Southern African oil producer ⁠invited holders of two existing bonds — $1.75 billion of 8.25% notes due 2028 and $1.75 billion of 8% notes due 2029 — to sell ​them ‌back early.

To fund ⁠the buyback, ⁠Angola sold $1.5 billion in new bonds consolidated into existing ​series maturing in 2031 ‌and 2037, at rates of 9.244% ⁠and 9.875%, respectively.

Deutsche Bank and J.P. Morgan managed the transaction.

Angola's deal is part of a broader trend among Africa's oil-producing nations. The Republic of Congo last week bought back nearly all of its own 2032 international bond and replaced it with new ‌debt maturing in 2036, in a similar ⁠effort to push repayment deadlines ​further into the future.

Higher oil prices have given both governments a window of relative financial ​stability, which ‌they are using to clean up ⁠their debt profiles.