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Mar 10, 2017

Prime Minister Lists Costs of Re-Negotiation

Dean Barrow

At what cost does the renegotiation of the Super Bond come to Belizean taxpayers?  It’s a question that remains to be answered definitively, in dollars and cents.  The proposed offer is expected to be approved by bondholders; however, the price tag for doing business with the Creditor Committee will cost a pretty penny.  That figure is believed to be north of twelve million Belize dollars.  Approximately four million U.S. dollars will be divvied up between the creditor committee, their advisors and bondholders.  Another two million U.S. dollars, at minimum, will also be paid to the Citi Group for its role in assisting government and then there is payment to the local advisors.  But it has not been made clear whether those funds have been earmarked from the public purse or whether they will be factored into the upcoming budget.  Earlier this week, Prime Minister Dean Barrow gave an overview of the estimated expenses.

 

Prime Minister Dean Barrow

“Between the creditor committee and their advisors, we have to, that was part of the current indenture that if there’s a renegotiation we have to pay their fees.  Between the creditor committee and their advisors and the bondholders who get something is a consent solicitation fee, we’re probably going to be up to three million [and some] odd U.S. dollars, maybe closer to four.  In terms of our fees, on our side, Citi Group and everybody worked on a success basis, so that if we had walked away and there was no deal, Citi would not have been paid.  The success fee basis, there’s a formula that I certainly haven’t worked out yet, calculated when you apply the formula to where we ended up, what then will be the final figure for Citi.  But it will be a few, certainly more than a couple, more than two million U.S. dollars.  It is going to be fairly, fairly hefty.”

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2 Responses for “Prime Minister Lists Costs of Re-Negotiation”

  1. meandi says:

    WHat about your law firm fees and the lawyer fees, can we not pay them since we also have not paid – to keep in line for not paying all those nationalised companies. its only fair mister PM.

  2. CLUTE says:

    GREAT COMMENT MEANDI. I bet his hustling $%^&* won’t relinquish that though.

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