Barbados announces results of its Consent Solicitation for its Barbados-Law U.S. Dollar-Denominated Commercial Debt
The Government of Barbados (the “Government”) announced today the results of the relevant consent solicitations announced on 10 February 2020 in respect of (a) the Floating Rate U.S. Dollar Bonds 2009-2019 (the “ABC Highway Bonds”) issued by the Government, (b) the Barbados Agricultural Management Co. Ltd. Fixed Rate Dual Currency Non-Callable Sovereign Guaranteed Bonds (the “BAMC Bonds”) issued by the Barbados Agricultural Management Co.
Ltd (“BAMC”) and (c) the Barbados Investment & Development Corporation Fixed Rate NonCallable Guaranteed Bonds 2007-2022 (the “BIDC Bonds”) issued by the Barbados Investment & Development Corporation (“BIDC”).
The ABC Highway Bond Consent Solicitation
The Government has received consents from holders of approximately U.S.$6,434,449.31 face amount of the ABC Highway Bonds, representing 100% of the outstanding bonds. At the bondholder meeting, 100% of the votes cast thereon approved the relevant extraordinary resolutions.
The Government has confirmed that it intends to accept the consents received and the extraordinary resolution has, therefore, become binding on all holders of such bonds. The proposed amendments and waivers to the terms and conditions of the ABC Highway bonds set forth in the extraordinary resolution became effective on 3 March 2020.
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