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Feb 6, 2017

Superbond Extended Again; Bondholders Still Talking to Government

The Government has once again extended its offer to bondholders for a renegotiated 2038 Superbond.  On Friday, it announced that the offer remains open until this coming Friday at five p.m., New York time. When it was opened in January, the original Consent Solicitation Offer included a reduction in the interest rate to four percent throughout the life of the bond and payments being condensed into three tranches due between 2036 and 2038. There has been no change to this and Government hopes that the renegotiation, the third in nine years, is concluded before February twentieth when an interest payment is due. But the bondholders had rejected the offer on the basis of needing more information to satisfy themselves that Belize would not have to come back again for more restructuring and would put its finances on a firmer footing. Today, advisor to the bondholders Charles Blitzer said they remain in constant contact but that the bondholders would not comment at this time as negotiations continue.

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