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Bondholders say no to consent solicitation, want more discussion

Posted: Thursday, June 3, 2021. 8:22 pm CST.

By Aaron Humes: Reuters reports that a group of Belize’s bondholders continue holding out for further discussion on the Government’s proposal of new terms on its $550 million bond due in 2034

The committee including U.S.-based GMO and Greylock as well as London-based Abrdn said Belize’s authorities rejected their proposal for private discussions and “without any assurance that Belize is open to negotiations or discussions beyond its initial proposal – which remains unacceptable to bondholders — the Committee is not in a position to support the current Consent Solicitation.”

Belize wants to stretch out to October of 2021 any principal restatement related to the May 20, 2021 coupon payment, which the government missed.

Standard & Poors rating agency said last month it doesn’t expect the government to make the payment during a 30-day grace period.

On Tuesday, Belize extended its consent solicitation through Friday, June 11 at 5:00 p.m. New York time, the ministry of finance said in a statement.

Belize has been hit hard by the impact of COVID-19, with a sharp fall in tourism revenue and a rise in spending. This would be the fifth time any changes or alterations are made to the bond, which was established in 2007.


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