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Mar 14, 2017

87% of Bondholders Sign Up for Superbond; Late Payment Comes Due

Dean Barrow

On Monday, Prime Minister Dean Barrow said that Superbond Three point Oh was a done deal. Financial Secretary Joseph Waight this evening confirmed to News Five that some eighty-seven percent of bondholders have now subscribed to the new terms and conditions. The custodian of the offer has so informed, but Waight says that a formal confirmation is expected early Wednesday. Government has agreed to pay interest rates of just below five percent with principal repayments coming due in 2030.  Waight also confirmed that arrangements are in place to transfer the funds for the delayed February interest payment of some twenty-six million dollars on Wednesday. Following Monday’s House meeting, Prime Minister Barrow had explained that it was all about the paperwork.

 

Prime Minister Dean Barrow [File: Monday, March 13th, 2017]

“Zurich, on Friday evening before five – we had put out the press release because Zurich’s amount had been with their custodian but had not, because of paperwork, gone through to the trustees. I am sure that I heard that later on that Friday evening, sometime after five in New York – or if not, it certainly would have gone by this morning, because it was already in hand; it was just the transmission process. So that is, as far as I can tell, a done deal.”

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