Posted: Sunday, February 19, 2017. 6:11 pm CST.
By BBN Staff: Prime Minister Dean Barrow and his team of financial advisors and negotiators returned to Belize today following negotiations with bondholders in New York.
The Prime Minister reportedly confirmed that Belize will not make its next coupon payment on the 2038 bonds due tomorrow.
The coupon payment due tomorrow is US $13 million but BBN understands that bondholders would need to wait at least 90 days before a default is declared.
During negotiations in New York, Prime Minister Barrow and his team were seeking to get a reduced interest rate of 4 percent.
Additionally the Belize team was seeking to extend the amortization schedule of the bonds so as to make the outstanding principal repayable starting in 2036 rather than 2019.
However, bond holders were not too pleased with Belize’s request and according to our sources have rejected those offers.
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