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Government of Belize Announces Commencement of Consent Solicitation of Superbond

Published by [email protected] at July 17, 2020

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Posted: Friday, July 17, 2020. 7:03 pm CST.

By Aaron Humes: Belize is moving to the final step of recording temporary savings on interest payments to the Superbond.

The Government of Belize has formally announced that it is seeking Consent Solicitation from eligible beneficial owners of Belize’s U.S. Dollar Bonds due 2034 (the “Super Bonds”) as of 5:00 p.m., New York City time Thursday, July 16, 2020 to a capitalization of interest payments due on the Bonds on August 20, 2020, November 20, 2020 and February 20, 2021.

A statement of the terms and conditions has been issued as of today, July 17, 2020 (the “Consent Solicitation Statement”).

Interest due on the interest payment dates after February 20, 2021 and the final maturity date of the Bonds will not be affected by the proposed amendment.

The purpose of the solicitation is to relieve Belize of having to find funds it does not have to pay interest due according to Financial Secretary Joseph Waight, as Belize’s economy is expected to contract heavily due to the effects of COVID-19 on major industries such as tourism and agriculture.

Belize will pay to each Eligible Holder that delivers a consent in accordance with the procedures described in the Consent Solicitation Statement a consent fee of 0.125% of the face amount of the Bonds, if the amendments become effective. Holders of Bonds for which no consent is delivered will not receive such consent fee.

The Consent Solicitation will expire at 5:00 p.m., New York City time, on August 10, 2020, unless extended or earlier terminated by Belize.

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