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Belize Announces Consent Solicitation

Posted: Friday, January 13, 2017. 10:25 am CST.

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By BBN Staff: Yesterday in a press release on the Central Bank of Belize website, GOB announced that it is seeking the consent of holders of Belize’s U.S. Dollar Bonds due 2038 to two amendments to the payment terms of this instrument.

Belize’s 2038 Bonds currently amortize in 38 equal, semi-annual  installments commencing on August 20, 2019 and ending on February 20, 2038. Belize is seeking the consent of holders of the Bonds to amend this amortization schedule with the effect that the 2038 Bonds will amortize in three equal, annual installments on February 20th of 2036, 2037 and 2038.

The interest rate on the 2038 Bonds is currently 5% per annum, stepping up to 6.767% per annum effective August 20, 2017. Belize is seeking the consent of holders to fix the interest rate at 4% per annum commencing February 20, 2017 through the final maturity of the 2038 Bonds.

“As a result of several adverse shocks to Belize’s economy, the 2038 Bonds are no longer serviceable on their current terms,” said Joseph Waight, Financial Secretary.

“The two amendments the Government is proposing are, we believe, the mildest adjustments to the terms of the Bonds that will still achieve the objective of putting the Bonds on a fully sustainable basis. Belize is not asking for any reduction in the principal due under the Bonds nor is it even proposing to extend the final maturity date of the instrument. The proposed amendments will only adjust the amortization schedule of the Bonds within itsexisting maturity profile and effect a modest reduction to the interest rate,” he added.

Belize will pay to holders a consent fee of 0.25% of the face amount of the 2038 Bonds if the amendments become effective.

The Consent Solicitation will expire at 5:00 p.m., New York City  time, on Thursday, January 26, 2017.

Identifiers for the 2038 Bonds consist of CUSIP Nos. 07782GAG8 and P16394AG6 and ISIN Nos. US0778GAG82 and USP16394AG62.

Citigroup Global Markets Inc. is acting as the Consent Solicitation Agent for the consent solicitation.

Global Bondholder Services Corporation is serving as Information and Tabulation Agent.

Holders of the 2038 Bonds may obtain copies of the Consent Solicitation Statement and the related Letter of Consent from Global Bondholder Services.


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