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GOB to pay over BZ$5 million dollars in fees to Creditor’s Committee

Posted: Thursday, March 9, 2017. 2:54 pm CST.

Posted: Thursday, March 9, 2017. 1:47 p.m. CST.

By BBN Staff: The Government of Belize has to pay an estimated BZ $5 million in fees to the Creditor’s Commitee that negotiated the country’s debt with bondholders.

Prime Minister Dean Barrow estimates that the fees can range from US $3 million to US $4 million.

He told the media at the press conference yesterday that if the deal wouldn’t have been successful, government’s advisors at Citibank and the lawyers wouldn’t have been paid.

“The success fee bases, [that] there is a formula that I certainly haven’t worked out yet, calculated when you apply the formula to where we ended up what then will be the final figure for city but it will be a few, certainly more than $2 million US dollars. It is going to be fairly hefty,” PM Barrow said.

The Superbond 3.0 negotiation lasted close to 4 months and now the principal repayments which were supposed to commence next year has been pushed back for 11 more years which basically means that Belize will not be paying US$64 million per year from 2020 to 2038.

The country will now pay the principal payments until 2030 which frees up 11 years of cash flow for Government.

 

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