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Belize wins deferral of interest on Superbond

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Posted: Monday, August 10, 2020. 9:11 pm CST.

By Aaron Humes: The Government of Belize says approximately 82 percent of bondholders have agreed to its proposal to defer three successive payments of interest on Belize’s U.S. Dollar Bonds due 2034 (the “Bonds” or “Superbond”) through next February.

This now makes the terms in the Consent Solicitation statement of July 17, 2020 binding on all sides as agreed.

The press statement says “As amended by the terms and conditions set forth in the Consent Solicitation Statement, the interest payments due on the Bonds on August 20, 2020, November 20, 2020 and February 20, 2021 will be capitalized. Belize’s obligations to pay interest due on the interest payment dates after February 20, 2021 will not be affected by the proposed amendment. As a result of the amendments, Belize will be required to hold a quarterly conference call, during which representatives from the Ministry of Finance will provide to eligible holders and their representatives information on Belize’s economic and financial developments.”

Global Bondholder Services Corporation served as Information and Tabulation Agent.

The money saved from debt servicing – approximately BZ$75 million – will be redirected in Belize’s budget for other uses including Covid-19 relief.

 

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