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Government extends ‘Tender Offer’ response date for SuperBond

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Posted: Friday, September 24, 2021. 9:01 pm CST.

By Aaron Humes: The Government of Belize has announced that it will extend the time of expiration of tender offers for the SuperBond to October 15 at 5 p.m. New York time, four days before the settlement date of October 19.

This is despite already having a supermajority of 84 percent agreeing to the offer.

Prime Minister and Minister of Finance John Briceño is quoted as saying, “The Government of Belize is delighted that the vast majority of holders of the Government’s only international bond have indicated their support for this proposed transaction… We are attempting to achieve, in this one transaction, both significant debt relief and the long-term protection of Belize’s precious marine environment.”

His Minister of State and chief negotiator Christopher Coye reminded that “this achievement now necessarily means that we will save almost half a billion dollars automatically through debt reduction. That reduces our debt to GDP (ratio) by 12 percent. We will also enjoy almost $130 million in cash flow relief over the remainder of this administration’s term. Those achievements have to be underscored.”

The Government press release states that “Any Eligible Holder who tenders Bonds after the date hereof but prior to the Expiration Time (as extended) will be eligible to receive the Purchase Price and the Contingency Account Distribution on the Settlement Date, but, because the Consent Deadline is not being extended, such tendering Holders will not be eligible to receive the Accrued Interest Payment. As previously announced, if the Indenture is amended as proposed in the Statement, any Bonds that are not validly tendered prior to the Expiration Time will be redeemed and canceled on the Redemption Date, which will be the Settlement Date. Holders of such redeemed Bonds as of the Redemption Date will be entitled only to the Redemption Price (which is equal to the Purchase Price) and the Contingency Account Distribution. Holders of redeemed Bonds will not be entitled to receive any accrued and unpaid interest or any other additional amount. In order for a Holder of redeemed Bonds to receive the Redemption Price and the Contingency Account Distribution, the applicable DTC Participant will be required to deliver a Redemption Certification Form representing, among other things, that such Holder was the beneficial owner of the applicable redeemed Bonds as of the Redemption Date.”

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