It is accomplished - the Superbond done! That's the news coming out of New York City tonight where the owners of 84% of the bonds have agreed to sell it back to the government for 55 cents on the dollar. That's called "supermajority consent" and it means that even if the holders of the remaining 16% of the bonds don't agree to the terms - the deal will still go through at the agreed price.
So, all this means the half a billion US dollar Superbond - will now be retired, and government will now issue a Blue Bond, which will source private capital to refinance the public debt. But the country will get those funds at low interest through the efforts of The Nature Conservancy, which has set up the deal so that part of the money will be put aside for marine conservation efforts and sustainable marine-based economic activity.
Prime Minister, John Briceño is in New York and is quoted as saying, "We are attempting to achieve, in this one transaction, both significant debt relief and the long-term protection of Belize's precious marine environment." To still try and go for 100% buy-in from the bondholders, the Government has extended the offer to October 15, 2021.
