RESTRUCTURING: Belize $547.5m exchange offer

RESTRUCTURING: Belize $547.5m exchange offer

Corporate & Sovereign Strategy

Belize’s restructuring was a longtime coming. The government first raised concerns over its payments in March 2012, saying it would review its external debt comprehensively, and urgently. Creditors holding around 57% of Belize’s largest bond formed a committee to negotiate with the government. BroadSpan Capital was financial advisor and Arnold & Porter legal adviser to the 22-member creditor group. White Oak Advisory was the government’s financial advisor and Cleary Gottlieb its legal advisor. A few months later, the sovereign set out three options to restructure its$547.5 million 2029 note, dubbed its superbond. These included a loss of principal value as high as 45%, grace periods on pay

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