September 24 (Reuters) – Belize has received purchase orders as part of its September 13 takeover bid equivalent to approximately 84.38% of the total principal amount of its outstanding dollar bonds due 2034, and it will give bondholders more time to submit orders, the government said on Friday.
“The government of Belize is delighted that the vast majority of holders of the government’s only international bond have indicated their support for this proposed transaction,” Belize Prime Minister John Briceno said in a statement.
“We are trying to achieve, in this single transaction, both significant debt relief and long-term protection of Belize’s precious marine environment,” he added.
Earlier this month, the Central American country said it had struck a deal with a significant chunk of its “super bond” holders to restructure debt, helped by a pledge to spend significant sums on marine conservation .
Due to the influx of orders it received as part of its takeover offer, Belize said the qualified majority consent condition set out in the September 13 offer had been met.
Nevertheless, he noted that the offer and the stated exit modifications remain subject to the satisfaction of certain conditions.
To give bondholders who have not yet done so an additional opportunity to place buy orders, the government is extending the expiration date of its offer until October 15, 5 p.m. New Time. York, the government said.
Written by Dave Graham; Editing by Daniel Wallis and Leslie Adler
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