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Jan 10, 2017

Bondholders Form Committee to Discuss Superbond 3.0

Bank of New York Mellon, trustee for Belize’s five hundred and thirty million U.S. dollar “Superbond”, has formally approved and recognized a bondholder committee to talk to the Government of Belize about restructuring the package for the third time in a decade. According to Reuters, Funds including Greylock Capital Management and Grantham Mayo van Otterloo joined forces to form the committee, which was assembled last month to represent bondholders. Financial Secretary Joseph Waight has written to Mellon confirming that Belize intends to “imminently seek bondholders’ consent to amend the terms of the notes, due to what he called unforeseeable factors the country faces since the bond was issued. These included drops in export earnings and subsequent economic contraction as well as damage caused by August’s Hurricane Earl. The Committee stated via a note released on Monday that it is looking forward to an equitable and sustainable agreement with the Government. That, it adds, must include fiscal reform alongside potential debt relief. Advisers to the Committee include BroadSpan Capital, Blitzer Consulting, and attorneys Arnold & Porter Kaye Scholer. Belize’s advisers are Citigroup and Cleary Gottlieb Steen & Hamilton as legal counsel.

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