Posted: Wednesday, April 28, 2021. 11:42 am CST.
By Benjamin Flowers: The Government of Belize is projecting that it will successfully restructure the country’s U.S. Dollar Step-Up Bonds (Superbond) and achieve save over $50 million, according to Senator Eamon Courtenay.
At today’s sitting of the Senate, Senator Courtenay spoke on the government’s intention to restructure the Superbond during his presentation, while explaining the projected savings from reduced government spending.
“We expect that with the restructuring of the Superbond to save an additional $53 million,” Courtenay said.
Back in March, Prime Minister John Briceño said that his administration had begun sending signals to the Bondholders that they need to renegotiate the terms of the bond, as the current terms are unsustainable. If the Government fails to restructure the bond before it defaults on the upcoming US$13 million payment in August, Belize could face a $111 million penalty, due to a Principal Reinstatement Clause worked out at the last negotiation of the bond.
If successful, the Briceño administration would have completed the fourth renegotiation of the bond which is valued at over US$500 million.
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