By BBN Staff: Bondholders have approved the terms of the government’s updated consent solicitation, bringing GOB’s bond restructuring efforts to a close.
Reuters reported that bondholders and GOB hammered out a deal reducing the interest on the note and shortening its final maturity.
According to the revised terms, the new note will pay an interest of 4.9375% below the current 5% and much lower than the 6.767% scheduled to kick in on August 20.
In addition the bonds final maturity has been brought forward from 2038 to 2034. The amortization schedule, which was to begin in 2019, will now be paid in five annual installments starting in 2030.
Belize has agreed that if it fails to meet a primary fiscal surplus of at least 2% GDP for the three fiscal years ending in 2021 that it will make interest payments in quarterly rather than semi-annual installments.
The country has also agreed that if it does not meet its 2% GDP growth target that it will seek assistance from the International Monetary Fund (IMF).
BBN made attempts to seek confirmation from Financial Secretary Joseph Waight and Economic Ambassador Mark Espat, however, no response was forthcoming.
Looking for Internet marketing, social media presence and direct email exposure to a Belizean oriented market of over 500,000 individuals every month? Breaking Belize News is able to offer a marketing package that uses internet, social media and email to reach over 500,000 Belizean-centric potential customers each month.
Email us at firstname.lastname@example.org for more information.