Belize says superbond offer taken up by over 75 pct of holders
BELIZE CITY, March 8 |
BELIZE CITY, March 8 (Reuters) - Belize's government said on Friday it had met the required threshold needed to complete a debt exchange on the country's $550 million superbond, allowing the tiny the Central American nation to restructure its debt.
In a statement, the government said that holders of 86.17 percent of Belize's U.S. dollar bonds due in 2029 had agreed to swap them for new bonds due in 2038.
The Belize government needed a 75 percent take-up rate to trigger a collective action clause, a mechanism used to restructure government bonds in a crisis.
"The results of the tender process that ended today means that such an exchange of the entirety of the 2029 Bonds is expected to take place at a closing of the transaction later this month," the Belize government said in the statement.
- Tweet this
- Share this
- Digg this