Belize Wins First Step Toward an Ocean-Friendly Restructuring
- Nation strikes agreement in principle to buy back 2034 bonds
- Funding for buyback may come from the Nature Conservancy
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Belize struck an agreement in principle with a group of bondholders to buy back its debt at a discount -- but with an unusual, ocean-friendly twist.
Under the accord announced Friday, the Caribbean nation would purchase, redeem and cancel all of its outstanding dollar bonds, the nation’s Ministry of Finance and bondholder group said in statements. Belize has about $530 million of its so-called superbond outstanding, according to data compiled by Bloomberg.