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Jan 16, 2017

Will Creditors Warm Up to Revised Superbond?

Holders of the Belize 2038 Bonds, also known as the Superbond, are considering Belize’s offer to amend key points in the package, which was made as of Thursday. Interest on the Superbond is offered to be cut from as much as six point seven-six-seven percent starting in August, a step-up from five percent annually, to four percent per annum from February twentieth of this year through maturity. Principal payments would be changed from thirty-eight semi-annual instalments starting in 2019 going up to 2038, to three equal amortizations on February twentieth of 2036, 2037 and 2038. Belize is also offering holders a consent fee of zero point two-five percent of the face value. The consent solicitation expires on January twenty-sixth. Citigroup is acting as agent on the transaction. The two sides have decided not to comment publicly in order to allow the process of negotiation to play itself out. But official sources have told News Five that Belize can save greatly by delaying the main payments and hoping for economic financial windfalls.

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