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Sep 24, 2021

Finally, Belize Successfully Negotiates Super Bond!

Belize has successfully negotiated the Super Bond and the Briceño administration announced late this evening that, “the Government of Belize is delighted that the vast majority of holders of the government’s only international bond have indicated their support for this proposed transaction.” Prime Minister John Briceño went to state, “we are attempting to achieve, in this one transaction, both significant debt relief and the long-term protection of Belize’s precious marine environment.” As a result of receiving these Tender Orders, the Super-Majority Consent Condition described in the Statement has been satisfied. However, the Offer and Exit Amendments set forth in the Statement remain subject to the satisfaction of the Financing Condition and General Conditions described in the Statement. In order to provide Holders of Bonds that have not yet tendered an additional opportunity to submit Tender Orders, the Government hereby extends the Expiration Time for the Offer to October fifteenth, 2021 at five p.m. New York City time (unless further extended by the Government in its sole discretion pursuant to the terms of the Statement). Any Eligible Holder who tenders Bonds after the date hereof but prior to the Expiration Time (as extended) will be eligible to receive the Purchase Price and the Contingency Account Distribution on the Settlement Date, but, because the Consent Deadline is not being extended, such tendering Holders will not be eligible to receive the Accrued Interest Payment. As previously announced, if the Indenture is amended as proposed in the Statement, any Bonds that are not validly tendered prior to the Expiration Time will be redeemed and cancelled on the Redemption Date, which will be the Settlement Date.

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