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Consent Solicitation Statement Further Extended

Tonight there is news of yet another extension of the consent solicitation by the Government of Belize.  Initially, the Consent Solicitation Statement aimed at restructuring the 2038 Bonds was scheduled to expire on February 3, 2017. That was extended to today, Friday, February 10, 2017 and now it has been further extended to Tuesday, February 28, 2017.  As we mentioned, theConsent Solicitation Statement seeks to amend the terms of the 2038 bonds. The first amendment would change the amortization schedule of the Bonds to make the outstanding principal repayable in three equal, annual installments starting in 2036. The second would fix the interest rate on the Bonds through maturity at 4% per annum. According to the release, Belize has proposed no other amendments to the terms of the 2038 Bonds although the bondholders have expressed dissatisfaction at the proposal and had presented some requirements which the Government continues to work on presently.