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Sonntag, 25. März 2012

The New Par Bonds will have a final maturity of 45 years, inclusive of a 15-year grace period on principal. Interest is fixed at 1.5% throughout. // keine Angst, das ist keine neue Umschuldung von GRI - aber von St. Kitts and Nevis

ST. CHRISTOPHER AND NEVIS
Ministry of Finance,
P.O. BOX 186,
ST. KITTS W.I.
Ref. No........................... CHURCH STREET,
PRESS RELEASE
15 March 2012

ST KITTS AND NEVIS ANNOUNCES SUCCESSFUL
DEBT EXCHANGE OFFER


Basseterre, St Kitts: The Government of St Kitts and Nevis announced today that the
exchange offer launched on 27 February 2012 has received the overwhelming support of
its creditors. Upon expiry of the exchange offer at the close of business on 14 March 2012,
holders of 96.8% of the aggregate amount of bonds and commercial loans eligible to
participate in the exchange offer (collectively, ‘Eligible Claims’) had agreed to provide
extensive debt relief to the country by exchanging their claims on the Government and its
public sector for New Bonds.
Under the terms of the exchange offer, holders of Eligible Claims had the option of
exchanging their instruments either for New Discount Bonds denominated in US dollars, or
New Par Bonds denominated in EC dollars. The New Discount Bonds, which are to be
partially guaranteed by the Caribbean Development Bank, entail a 50% reduction in face
value. The balance is to be repaid over 20 years, with coupons set at 6% for the first four
years, stepping down to 3% thereafter. The New Par Bonds will have a final maturity of 45
years, inclusive of a 15-year grace period on principal. Interest is fixed at 1.5% throughout
.
Preliminary results indicate that holders with approximately two-thirds of the aggregate
amount of Eligible Claims tendered chose to receive New Discount Bonds, with the
remainder electing New Par Bonds.
At the same time, the Government announced that, in accordance with the conditions of the
exchange offer, it will now take the steps required to activate the collective action clauses
(CACs) embedded in four of the Eligible Claims
. Once the Extraordinary Resolutions
specified in the Offering Memorandum are approved in bondholder meetings, holders of the
3.2% of Eligible Claims not tendered into the exchange offer will automatically receive New
Discount Bonds in exchange for their instruments upon the settlement of the transaction
.

It is therefore anticipated that, after the activation of CACs as described
above, 100% of the aggregate amount of Eligible Claims will be restructured.
The Rt. Hon. Dr. Denzil L. Douglas, Prime Minister and Minister of Finance, said “This is
indeed a historic day for St Kitts and Nevis.
The outstanding results of the exchange offer
will provide extensive and permanent levels of debt relief to our country. The balances
remaining will then be repaid over an extended period at concessional rates of interest,
making our debt one of the most sustainable in the region.”
“This outcome is a resounding affirmation of our determination and perseverance in
implementing necessary reforms and in engaging our creditors in a frank and open
discussion over the challenges facing the country and the region. I would like to thank our
creditors for their cooperation and the support that they have shown for St Kitts and Nevis.
We view these results as a vindication of the tough decisions that we have had to take at
home against a very difficult global economic backdrop. They give us the strength to press
on with this process of transformation.”
The exchange offer is expected to close mid-April.
White Oak Advisory LLP is acting as financial advisor to the Government in this transaction.
Clifford Chance LLP is acting as legal advisor.
Background information on the debt restructuring process is available on
http://www.sknmof.com/creditors.htm
The Debt Unit of the Ministry of Finance may be contacted at +1 869 467 1087.END

Kommentare:

  1. Hallo Rolf,

    "...alle Vermögenswerte, insbesondere, aber nicht ausschließlich..."

    Damit ist eigentlich alles gesagt. Die folgende Auflistung konkretisiert bestimmte Vermögenswerte, aber listet nicht alle auf.
    Daß eine Anleihe einen Vermögenswert darstellt sollte unstreitig sein. Und da Artikel 8 "alle Vermögenswerte" abdeckt fallen die Greek Bonds somit auch darunter.

    Aldy

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  2. Sorry, falsches Thema!
    Aldy

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