Barbados to Begin Exchange Offers for Local Debt This Week
(Bloomberg) -- Govt of Barbados posts terms of debt restructuring offers for local currency debt on govt website.
* Institutional holders of Barbados dollar-denominated treasury bills, treasury notes, debentures, loans and bonds owned by the central govt and state-owned enterprises will begin receiving restructuring offers this week
* Creditors given until 5 p.m. on Sept. 28 to accept terms; new debt instruments to be issued by end of October
* Several restructured instruments to include a clause that would “allow for the capitalization of interest and the deferral of scheduled amortizations falling due over a two-year period following the occurrence of a major natural disaster”
* Govt says in a separate statement that holders of “outstanding US dollar-denominated commercial debt” will be “invited to participate in the comprehensive debt restructuring program in a separate and subsequent transaction”