The Government of Barbados announced today that the invitations and consent solicitations announced on 5 November 2019 in respect of seven series of U.S. dollar claims on the Government of Barbados and its public sector, for a total of US$677 million plus accrued interest, have received the overwhelming support of affected creditors.
Preliminary results indicate that holders of approximately 94% of total aggregate claims eligible under the exchange offers have agreed to participate by tendering their claims for exchange.
Creditor participation rates for all instruments containing collective action clauses or the equivalent were in excess of the required 75% voting thresholds.
The Government therefore expects that the relevant extraordinary resolutions will be passed at bondholder meetings to be held on 27 November 2019, and that 100% of debt instruments covered by the invitations will be exchanged for the new bonds and cash consideration, in each case subject to the terms of the relevant invitation memoranda.
The final results will be announced after the bondholder meetings in accordance with the timetable set out in the invitation memoranda.
The settlement of the invitations is scheduled to take place on 11 December 2019.
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