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Belize reaches 87 percent subscription on Superbond; to be settled November 5

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Posted: Wednesday, October 27, 2021. 11:20 am CST.

By Aaron Humes: The Government of Belize announced yesterday that as of October 22, Belize had reached 87.43 percent subscription by tender orders from holders of the Belize Dollar Bonds due 2034 (alias the Superbond). This is a supermajority satisfying the consent condition described in the September 13 offer to purchase and consent solicitation statement.

Satisfaction of the financing condition and general conditions set out in the September 13 statement is expected to take place by next week Friday, November 5.

As agreed, Belize redeems the purchase price, accrued interest payment, and contingency account distribution equal to 55 cents on every dollar for bonds tendered prior to the consent deadline of September 24 and the first and third payments for bonds tendered after the deadline and before the date of expiration by wire transfer. These officially and fully cancel the prior bonds and Belize’s interest in them.

Because a supermajority has agreed, all bondholders, including the Bolivarian Republic of Venezuela which was hamstrung from redeeming its 10 percent share, will be paid out under the conditions described similar to if the bonds had not been tendered before the expiration date.

Prime Minister and Minister of Finance John Briceño has been quoted as saying, “The Government of Belize is delighted with the overwhelming bondholder support for this proposed transaction…We expect that such transaction will pave the way for strong and long-lasting economic growth and the furtherance of Belize’s marine conservation objectives.”

The legislation supporting the ‘Blue Bonds’ arrangement has been introduced in Parliament.

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