Barbados Announces Settlement of its Exchange Offer for its US Dollar-Denominated Commercial Debt.
On 11 December 2019, the Government of Barbados (the “Government”) announced the successful issuance of new 6.500% Bonds due 2029 (the “2029 Bonds”) and new 6.500% Bonds due 2021 (the “PDI Bonds”) in connection with the settlement of the invitations and consent solicitations in respect of (a) three series of English law-governed U.S. dollar bonds issued by the Government in an aggregate principal amount of U.S.$540 million, (b) certain Barbados lawgoverned U.S. dollar bonds issued by the Barbados Transport Board, Barbados Agricultural Management Co. Ltd and the Government and (c) a U.S.$225 million credit agreement.
The exchange of all eligible claims for the 2029 Bonds and the PDI Bonds plus cash consideration became binding on all holders, including non-participating holders, as a result of extraordinary resolutions passed for the relevant series of eligible claims or, for certain instruments, due to the unanimous agreement of all relevant holders.
The aggregate principal amount of 2029 Bonds issued was U.S.$530,595,100.00 and the aggregate principal amount of PDI Bonds issued was U.S.$32,481,500.00.
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