NO. 76/2015 DATE: October 5, 2015
Grenada Launches Debt Exchange Offer
ST. GEORGE’S, GRENADA, Monday, October 05, 2015:The Government of Grenada today made an offer to exchange its U.S. Dollar Bonds due 2025 and its E.C. Dollar Bond due 2025 (collectively, the “2025 Bonds”) for new U.S. and E.C. Dollar bonds to be issued by Grenada (“New Bonds”).
The offer to exchange the 2025 Bonds for New Bonds follows intensive and detailed negotiations with the Steering Committee of Grenada Bondholders, and will implement the ‘in principle’ agreement reached earlier this year to reduce the original principal amount of the 2025 Bonds by 50% in two stages. The first half of the principal reduction will be implemented upon the closing of the proposed transaction, with the remaining half upon timely completion by Grenada of its current Extended Credit Facility (ECF) with the International Monetary Fund.
The New Bonds have the following key financial terms:
· a final maturity falling due in May 2030;
· equal semi-annual principal amortizations commencing in May 2016;
· a fixed annual coupon of 7.0%;
· a sharing mechanism that will entitle holders to receive a capped portion of revenues that may be generated by Grenada’s citizenship-by-investment programme above certain thresholds following the successful completion of the the ECF; and
· a ‘natural disaster clause’ that, subject to certain conditions, will enable Grenada to capitalise interest and defer principal maturities due on the bonds in the event that Grenada is adversely affected by tropical cyclones, earthquakes, or other natural disasters.
Simultaneously, Grenada confirmed that the closing of the proposed transaction is conditional upon receipt of written consent to a Reserve Matter Modification of the 2025 Bonds proposed in the exchange documentation from holders of at least 75% of the aggregate principal amount of each of the 2025 Bonds.
Tenders by holders of the 2025 bonds are due not later than October 19, 2015. The transaction is expected to close, and the New Bonds to be issued, on or around October 29, 2015.
339 GRENADA TO DRAFT A COUNTRY PROGRAMME TO ACCESS CLIMATE FINANCE UNDER THE GREEN CLIMATE FUND (GCF)
315 INCREASED INVESTOR CONFIDENCE IN GRENADA LEADS TO OVER-SUBSCRIPTION OF EC.56 MILLION IN TREASURY BILLS
214 VALIDATION WORKSHOP: DIAGNOSTIC ASSESSMENT OF THE CONSUMER PROTECTION LANDSCAPE IN THE OECS REGION
204 NEW CUSTOMS OFFICERS RECEIVE TRAINING IN MONITORING AND CONTROL OF TRADE IN OZONE DEPLETING SUBSTANCES (ODS)
200 GRENADA TO BENEFIT FROM REGIONAL DEMONSTRATION PROJECT FOR THE REFRIGERATION AND AIR-CONDITIONING SECTOR
197 OECS COUNTRY MISSION TO UNDERTAKE DIAGNOSTIC ASSESSMENT ON CONSUMER AFFAIRS LANDSCAPES IN MEMBER STATES
196 ENERGY DIAGNOSIS AND POLICY EVALUATION WORKSHOP AS GRENADA MOVES FORWARD IN DEVELOPING NATIONAL ENERGY PLANNING GUIDELINES
84 Government to meet with Public Sector Unions to discuss new protocol for Statutory Bodies and State Owned Enterprises
58 November 3, 2014 - DISCUSSION OF DRAFT SCOCIAL COMPACT ON GBN TELEVISION – TUESDAY NOVEMBER 4TH, 2014
54 September 25, 2014 - LOCAL TEAM MEETING HELD FOLLOWING THE UN CONFERENCE IN SMALL ISLAND DEVELOPING STATES (SIDS), SAMOA SEPTEMBER 1-4, 2014
53 September 25, 2014 - LOCAL TEAM MEETING HELD FOLLOWING THE UN CONFERENCE ON SMALL ISLAND DEVELOPING STATES (SIDS), SAMOA SEPTEMBER 1-4, 2014
50 September 18, 2014 - THE NOU TO RECOGNISE INTERNATIONAL DAY 2015 BUDGET PREPARATION MOVING INTO HIGH GEAR
48 September 12, 2014 - THE NOU TO RECOGNISE INTERNATIONAL DAY FOR THE PRESERVATION OF THE OZONE LAYER
47 September 12, 2014 - THE NOU TO RECOGNISE INTERNATIONAL DAY FOR THE PRESERVATION OF THE OZONE LAYER
37 June 30, 2014 - JUNIOR OFFICERS OF CUSTOMS AND EXCISE DIVISION PARTICIPATE IN BASIC TRAINING COURSE
36 June 30, 2014 - JUNIOR OFFICERS OF CUSTOMS AND EXCISE DIVISION PARTICIPATE IN BASIC TRAINING COURSE
24 April 24, 2014 - NOU AND GRENCASE COLLABORATES TO PROVIDE TRAINING IN REFRIGERATION AND AIR-CONDITIONING FUNDAMENTALS
21 April 1, 2014 - GOVERNMENT AND PUBLIC SECTOR UNIONS COMMENCE TALKS ON MEMORANDUM OF UNDERSTANDING FOR HOME-GROWN PROGRAMME OF FISCAL ADJUSTMENT AND REFORMS
20 April 1, 2014 - REGISTRATION OF LICENSED NON-BANK FINANCIAL INSTITUTIONS IN COMPLIANCE WITH FATCA
19 March 27, 2014 - GOVERNMENT AND DIGICEL SIGN AGREEMENT FOR INSTALLATION OF ELECTRONIC TRACKING SYSTEM DEVICES IN ALL GOVERNMENT VEHICLES
15 March 6, 2014 - GRENADA TO HOST ENERGY FOR SUSTAINABLE DEVELOPMENT (ESD) PROJECT INCEPTION MEETING
11 February 26, 2014 - 3RD INSTALLMENT OF RETROACTIVE PAYMENTS TO PUBLIC OFFICERS AND TEACHERS DEFERRED
10 February 25, 2014 - GRENADA CUSTOMS AND EXCISE DIVISION ANNUAL AWARD AND RECOGNITION CEREMONY, 2014
8 February 12, 2014 - COMMITTEE OF SOCIAL PARTNERS MOVING STEADFASTLY TOWARDS THE FINALISATION OF A SOCIAL COMPACT