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Aug 30, 2004

Bond is history, Gov’t will negotiate with banks

In related news, Government has announced that it has formally abandoned its plans to float a two hundred and twenty-five million US dollar bond on the international market. According to a release, the engagement agreement with Morgan Stanley expired on August seventeenth and no further efforts will be made to raise the funds, over ninety percent of which were to be used to refinance short-term high interest debt. Instead, according to Central Bank Governor Sydney Campbell, Government will renegotiate the loan directly with the handful of foreign banks to seek longer repayment terms. Campbell told News 5 that under the terms of the agreement with Morgan Stanley, that firm will receive no fees because it did not succeed in finding buyers for the bond issue.

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