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Belize Pays Off Superbond #553796
11/06/21 04:40 AM
11/06/21 04:40 AM
Joined: Oct 1999
Posts: 82,923
oregon, spr
Marty Offline OP

Marty  Offline OP
A release from the Government of Belize has fulfilled its commitment to the bondholders by paying off the Superbond debt. Yesterday in our newscast, Love News reported:

"Holders of the Superbond are expected to be paid off tomorrow as government officials have finalized the tender offerings with more than eighty seven percent of the bondholders. The majority bondholders will be paid fifty-five cents on every dollar owed to them. Love News understands that the remaining thirteen percent will be dealt with down the road in accordance with the agreement reached with the majority. The Superbond was brought about under the Musa Administration back in 2007/2008 when the government sought to carry out a debt consolidation. In several instances the government has had to revisit the repayments and had rescheduled the bond on three occasions. The bond is being paid off by the Credit Suisse Group of Switzerland through the Nature Conservancy (TNC). A joint press release from the Government of Belize and TNC is expected to be issued by the week’s end."



Belize Announces Successful Settlement of Cash Tender Offer and Redemption of All of Its U.S. Dollar Bonds due 2034

Behnopan. Belize. 5th November 2021: The Government of Belize ("Belize") hereby announces that today it settled its cash tender offer (the "Offer") to purchase its U.S. Dollar Bonds due 2034 (the "Bonds") tendered into the Offer and the redemption ("the "Redemption") of all Bonds that were not tendered into the Offer. As a result of the settlement of the Offer and the Redemption. Belize has reduced the principal amount of its external indebtedness by approximately U.S.$250 million (representing approximately 12% of Belize's gross domestic product). which will significantly improve the sustainability of its financial position.

"The Government of Belize is delighted to announce the successful settlement of this important and ground-breaking transaction.- said Belize's Prime Minister. John Briceno. "Our expectation is that this transaction will pave the way for strong and long-lasting economic growth and allow Belize to achieve its marine conservation objectives." Belize financed the purchase and the Redemption of its Bonds with funding provided by a subsidiary of The Nature Conservancy ("TNC") as part of TNC's Blue Bonds for Ocean Conservation program. which uses private capital to refinance public debt of participating countries in order to support durable marine conservation efforts and sustainable marine-based economic activity. Affiliates of Credit Suisse Group AG arranged the financing transaction. The U.S. International Development Finance Corporation provided political risk insurance and the U.S. Embassy in Belize also provided significant support for the transaction.

Re: Belize Pays Off Superbond [Re: Marty] #553799
11/06/21 04:54 AM
11/06/21 04:54 AM
Joined: Oct 1999
Posts: 82,923
oregon, spr
Marty Offline OP

Marty  Offline OP

Blue Bonds Debt Conversion Finalized

The Government of Belize and The Nature Conservancy today announced the finalization of its debt conversion agreement. The agreement will see hundreds of millions of dollars in savings and investments for marine conservancy in Belize.  Announcements of the agreement being forged ahead of COP26 in Glasgow Scotland set the stage for Belize’s officials currently at the conference. As world leaders seek to accelerate their efforts towards the fight against climate change, Belize is standing out, a large part due to its conservation agreement with TNC. News Five’s Paul Lopez reports.

Paul Lopez, Reporting

It is getting Belize a lot of attention at COP26, in Glasgow, Scotland.

Kennedy Carrillo, CEO, Ministry of Blue Economy,

“I will tell you that really Belize is the blue golden child at COP 26, the blue golden child at COP 26. I think we need to realize that everybody wants to hear about what’s happening in Belize.”

Belize’s renewed commitment to protect its coasts and marine ecosystem is backed by the Blue Bond initiative, a financial debt relief program for marine conservation developed by The Nature Conservancy.

Jennifer Morris, CEO, The Nature Conservancy

“We as conservationist have thought for so long, look ecotourism is the best, it’s amazing, you’re preserving nature, you get people to come and be educated about nature. It is great until you have a global pandemic, then it’s not a great choice for your economic model, if that is all you have. So what we are seeing and trying to help in Belize is a model where we can take some of that debt burden and transition it into a conservation win.”

The Government of Belize and TNC today announced they have finalized the agreement. The transaction announced today restructures five hundred and fifty million dollars of Belize’s debt, leading to two hundred and fifty million US dollars in debt reduction, two hundred million US dollars in savings, and one hundred and eighty million US dollars in funding for conservation.

Prime Minister John Briceño

“We are paying them off at a substantial discount. By doing that we are having one of the first where a country is negotiating debt forgiveness but also getting funding for conservation.”

The agreement is backed up by six hundred million dollar political risk insurance from the DFC to that covers both the loan principal and interest. Both government and nongovernmental organizations in marine protection will be eligible to apply for funds through an established Conservation Fund for Belize.

Andre Perez, Minister of Blue Economy

“By recuperating and consolidating our natural spaces and ecosystems we can secure productive and sustainable fisheries, grow our nature based tourism sector, and strengthen our natural resilience to climate change.”

COP 26’s blue golden child lay the foundation ahead of the event through its Blue Bond efforts to attract further funding towards its national marine conservation efforts.

Prime Minister John Briceño

Little did I know, a year ago when we got elected that we would be working on something like this.”

Channel 5

WASHINGTON – In collaboration with The Nature Conservancy (TNC), the Government of Belize, and Credit Suisse, U.S. International Development Finance Corporation (DFC) today announced the financial close of a $364 million Blue Bond for Ocean Conservation in Belize. The innovative debt conversion, which DFC made possible through $610 million in political risk insurance (covering loan principal and interest), will provide sovereign debt relief and simultaneously fund projects in support of Belize’s commitment to protect 30 percent of its ocean. These projects advance ocean protection, fisheries management, and climate adaptation and mitigation. DFC and The Nature Conservancy announced the financial close of the project on the margins of COP26 in Glasgow.

“DFC’s collaboration with TNC, the Government of Belize, and Credit Suisse represents one of the most innovative examples of climate finance and a model for the future,” said David Marchick, DFC’s Chief Operating Officer. “This transaction is a win-win-win: it reduces Belize's indebtedness, generates an estimated $180 million to invest in marine and biodiversity protection and promotes climate resilience in Belize's blue economy. Belize's marine ecosystem is one of the most unique in the world, and this transaction will help protect and preserve it for the future."

"The twin crises of the climate emergency and biodiversity loss require rethinking and redesigning the ways we invest in our economies and natural assets," said Jennifer Morris, Chief Executive Officer at The Nature Conservancy . "The Belize Blue Bond is a world-leading example of how a country can reduce its debt and create more fiscal space to dedicate substantial funds to its conservation ambitions. Belize is showing that when we work together, combining science, global finance and partnerships from the national to the community level, we can achieve enormous wins for people and nature.”

"Blue Bonds for Conservation is a singular opportunity for Belize to protect our unique marine resources and expand conservation programs while simultaneously reducing the public debt,” said Prime Minister of Belize John Briceño . “I thank our partners, in particular The Nature Conservancy and the U.S. International Development Finance Corporation, and share in their hope that this transaction will serve as a model to tackle the global emergencies of climate change and sovereign indebtedness."

DFC’s insurance enables Belize to repurchase $553 million sovereign debt at a discount. Through a combination of debt cancellation and debt repayment by the Government of Belize over time, the project will generate approximately $180 million for marine protection and management, coral reef and mangrove restoration, economic diversification, sustainable tourism and fisheries, and will promote the growth of the country’s blue economy. As part of the agreement, Belize agreed to double the percentage of its ocean attributed to Biodiversity Protection Zones, up from 15.9 percent to 30 percent.

This innovative DFC transaction both mobilizes capital and partners with the government of Belize to protect one of the world’s most unique and treasured marine areas. In the context of the climate crisis, this transaction is even more powerful – marine conservation efforts go hand in hand with climate change mitigation, adaptation, and resilience. The project will fund activities such as mangrove rehabilitation, which will build carbon removal capacity, helping to reduce the concentration of dangerous climate pollution in the atmosphere. TNC will also provide technical assistance by facilitating a science based participatory marine spatial planning process that includes local stakeholders such as fishing associations and tourism boards in the design of new marine protected areas.

The United States Government is committed to continuing its global leadership on forging innovative solutions that help countries balance economic growth with conservation and climate-friendly approaches.

Re: Belize Pays Off Superbond [Re: Marty] #553836
11/09/21 05:11 AM
11/09/21 05:11 AM
Joined: Oct 1999
Posts: 82,923
oregon, spr
Marty Offline OP

Marty  Offline OP

GOB Successfully Negotiated Superbond through Blue Bonds Conservation
John Briceno – Prime Minister of Belize
Julie Robinson – Belize Program Director, The Nature Conservancy

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