The Government of Grenada announced today that the exchange offer launched on 5 October 2015 has received the overwhelming support of Grenada’s creditors.
Holders of 94% of the country’s US Dollar Bonds due 2025 and 100% of EC Dollar Bonds due 2025 outstanding and eligible to vote in the exchange (collectively, the “2025 Bonds”), have agreed to provide extensive debt relief to Grenada by tendering their bonds in exchange for new Grenada US Dollar and EC Dollar Bonds due 2030 (the “2030 Bonds”).
Under the terms of the US Dollar Bonds due 2025 and Grenada’s exchange offer, holders of not less than 75% of the US Dollar Bonds due 2025 have provided instructions to the Trustee for the entirety of the US Dollar Bonds due 2025 to be tendered in exchange for 2030 Bonds in accordance with the terms of Grenada’s offer. The results of the tender process that ended earlier this week means that all bonds outstanding on the closing date will be exchanged for 2030 Bonds later this month.
The Prime Minister and Minister of Finance of Grenada, Dr The Right Hon. Keith Mitchell, said “Today is a very important day for the people of Grenada, who are currently making sacrifices of their own in order to improve the prospects of our beloved Country. We are delighted with the results of this process, which paves the way for the cancellation of 50% of the face value of our international bonds. We extend our appreciation to our creditors for their cooperation and support.”
Ministry of Finance & Energy
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