When we last reported on the status of the renegotiated Superbond, Belize was yet to achieve the 75% consent from the bondholders as is required. Prime Minister Dean Barrow in a press conference last week had noted that by March 10 they were expecting some finality to the renegotiations. Yesterday he confirmed to the media that the restructuring was finalized.
“The last Zurich on Friday evening we put out the press release because Zurich’s amount had been with their custodian but had not because of paper work had not gone through to the trustees. I am sure that I heard that later on that Friday evening sometime after 5pm in New York or if not it certainly would have gone by this morning because it was already in hand it was just the transmission process so that is far as I can tell a done deal.”
In this new arrangement, Belize will see a freer cash flow and will only be paying interest on this Superbond up until 2030 when the first of five principal payments will become due.