First bondholders’ meeting on consent solicitation “went well”

By Aaron Humes: It’s so far, so good for Belize’s attempt to get holders of the 2034 Bonds “Superbond” to defer payments of up to $52 million over the next six months – money that Minister of Finance and Prime Minister Dean Barrow said we simply do not have at this time.

A meeting was held on Tuesday morning virtually featuring negotiators for both sides but not the Prime Minister himself; but he told us today, “My understanding is that the meeting went extremely well. I don’t get the sense that there was any opposition on the part of the bondholders that attended. Of course, there is still the negotiations that must be done between our lawyer and the lawyer chosen by the bondholders… I think it also is an indication that both sides believe that this is something that is very much doable, that is eminently doable.”

Neither side is working with a financial advisor to cut down costs.

The next interest payment of US$13.3 million (BZ$26.6 million) is due in August; interest payments were agreed semi-annually until 2029 when five principal payments will begin to be made. Belize has up to September to actually make the payment if no agreement can be made to defer.

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