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Feb 11, 2013

Superbond takes over House

Details of the Superbond restructuring between the Government of Belize and Greylock Capital is now going to be heard in the House of Representatives at a special sitting this Tuesday. The government intends to issue debt securities in the forms of new bonds and the transaction size is five hundred twenty-nine million nine hundred twenty-eight thousand and eight hundred U.S. dollars.  The two set interest rates will be five percent per annum from March 2013 to August 2017 and six point seven-six-seven percent per annum from August 2017 to February 2038. The semi-annual interest payments will be due five months after the issuance of the bond and interest will be due in six month periods. The new bond offering will be issued on March thirty-first. More details will be provided at Tuesday’s house meeting and we’ll have a full report on the proceedings. Late this evening, P.U.P. issued a release saying that they had not received the motion to deal with the restructuring and that Belizeans have not been informed of the terms and conditions despite a promise by Minister Barrow.

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5 Responses for “Superbond takes over House”

  1. Bear says:

    It’s a little easier to manage than before, although it extends our payments out I believe 9 years longer than they had been. Are you happy with all the benefit you received from this mountain debt?

    I’ll be dead and gone before the debt is paid, but my children will get to pay for it almost their entire working lives. Great legacy, Ralph.

  2. Ricky Malthus says:

    So over the term of the loan, 297 months or 24.75 years, all Belizeans will be paying $ 846,185,008 US dollars on a loan of principal sum of $529,928,800 US dollars or for every dollar borrowed, and this is interest only. Then comes the lump sum payment of $529,928,800. I hope the geniuses in the House understand this, and I hope this is explained to our fellow Belizeans in clear simple language so they can digest in small dosages. I also hope the GOB explain how it is going to pay the internal debt which is slightly larger than the Super Bond, and how it is going to pay te owners of BTL and BEL, again a sum considered a super bond of sorts. With a diminishing tax base, savaging of the local business investors, and puny tyrants in local governments running amuck with crazed self-importance and a phony sense of legal jurisprudence, Belize is in for rough economic weather unless wiser heads prevail in the next Kondratieff wave.

  3. sickntired says:

    Govt needs to provide much more details. Is this a new bond to raise capital for the old bond? What is the status of the old superbond? Did the man who came for holiday in belize last month finally admit he cant do anything after all? Has govt other connections dropped through? What glad tidings does govt have to bring to the house? Or maybe it is to raise capital for salary increases?

  4. Buju says:

    But how on earth can the pup be complaining about no knowing about the superbond.

    Da they borrow and squander away the money!!!!!!!!!!!!!

    Now @$$#$ like rod and ricky wa di talk fool

  5. Dre says:

    Buju, the debt was a culmination of both parties not just PUP. Get the facts straight.

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