Listen Live On Our Live Stream or Tune To Our Frequencies: 88.3 FM | 88.9 FM | 94.7 FM | 95.1 FM | 98.1 FM | 98.5 FM

GOB Wants Amortization Schedule and Interest Rates Amended in Bonds 2038

A number of bills went through at today’s sitting of the House of Representatives. Today also saw a new Speaker taking over. We will have more on those later in our newscast….Since the announcement by Government to seek approval from bondholders to renegotiate Belize’s Bonds 2038 we have been following the matter closely. Earlier this week we told you of the approval given by the bondholders to revisit the current arrangements. Today we can tell you that there are two amendments that the Government of Belize is seeking to have made to the agreement. The first amendment is to adjust the amortization schedule. Currently the schedule is set at 38 equal semiannual installments slated to start August 20, 2019 and ending February 20, 2038. What the Government is seeking to do now is to have that schedule be adjusted to three equal annual installments for February 20, 2036, 2037 and 2038. The second amendment being proposed to the bondholders pertains to the interest rates. As it stands right now the interest is five percent per annum which will step up to 6.767% per annum effective August 20, 2017. The Government hopes to have this amended to a fix rate of four percent per annum starting February 20, 2017 through the final maturity of the 2038 Bonds. According to the document sent to our news centre Belize will pay .25% of the face amount of the 2038 Bonds if the amendments are effected. The document also noted that this Consent Solicitation expires at end of the work day on January 26, 2017.