(Reuters) – Belize has received tender orders on its Sept. 13 purchase offer equal to around 84.38% of the aggregate principal amount of its outstanding dollar bonds due 2034, and it will give bondholders more time to submit orders, the government said on Friday.
“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,” Belize’s prime minister, John Briceno, said in a statement https://www.centralbank.org.bz/docs/default-source/7.0-news-advisories/belize—expiration-time-extension-press-release-(september-2021)-4834-2507-9292-v32908eb9088c3664c9e9cff00006477e9.pdf?sfvrsn=5ecb8d35_2.
He stated that “We’re trying to get, in one transaction”, both substantial debt relief as well as long-term protection for Belize’s valuable marine environment.
Earlier this month, the Central American country said it had reached a deal with a sizeable portion of its “superbond” holders to restructure the debt, helped by a promise to spend significant amounts of money on marine conservation https://www.reuters.com/business/environment/marine-conservation-promise-helps-belize-strike-superbond-deal-2021-09-03.
Due to the influx of orders it received on its purchase offer, Belize said the super-majority consent condition set out in the Sept. 13 https://www.centralbank.org.bz/docs/default-source/7.0-news-advisories/belize—launch-press-release-4830-0091-4938-v-final.pdf?sfvrsn=98c38d35_2 offer had been satisfied.
The government noted, however that certain conditions remain to be met in order for the offer and the exit amendments to be accepted.
The government extended the deadline for tender orders to bondholders that haven’t yet made them to the end of October at 5 PM New York City Time.
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