Belize Debt Offer Scores 93% Take-up

Belize Debt Offer Scores 93% Take-up

Caribbean

The debt swap offer proposed by Belize has so far been taken up by 93% of bondholders, the government announced on Wednesday. At the end of last year, the authorities in Belize offered to swap outstanding commercial foreign debt – totaling around $497 million - for new dollar bonds maturing in 2029. The new bonds, which start to pay principal in 2019, will bear interest in the first three years after issuance at a fixed per annum rate of 4.25%. In years four to five, the rate will step up to 6.0

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