Superbond holders respond to new Belize US Dollar bonds

CBBThe Central Bank of Belize announced on Friday that some 86.17% of holders of the 2029 Belize bonds collectively known as the Superbond have tendered their bonds in response to the February 15 offer by Belize for new Belize US Dollar bonds expiring in 2038. The threshold for the collective action clause triggering the entire original Superbond to be exchanged for the new bonds was 75% and it was reached a week ahead of schedule.
As announced by Prime Minister Dean Barrow a month ago, Belize obtained significant debt relief from the renegotiated bonds, specifically a 10% principal haircut off the top totaling BZ$108 million and debt service reductions of $236 million from 2013 to 2017 and $494 million up to 2022, a reduction in net present value terms of over 43%. The offering closes this week.

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