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Superbond 3.0 - The Deal Is Sealed
Wed, March 15, 2017

Government has sealed the deal for Superbond 3.  A press release form the Central Bank this evening announced, quote, “holders of more than 87 percent of Belize’s U.S. Dollar Bonds have consented to certain amendments to the terms of those Bonds.â€￾  That 87% is more than enough to trigger what is called the “Collective Action Clauseâ€￾ - which binds all the holdouts to accept Government’s offer, meaning that  tonight, all bondholders have accepted the deal.  

Government is now expected to make that Superbond payment it had deferred in February as part of its hardball negotiating tactics.  It had a 30 day grace period to make payment.  

The government release says, quote, “The Bonds had been restructured twice before, once in 2007 and again in 2013. In neither case, however, did the financial terms prove to be sustainable beyond a few years. Belize launched its Consent Solicitation earlier this year with the express goal of finally putting the Bonds on a fully sustainable basis.â€￾ end quote.

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