Creditors’ Committee Supports the St. Kitts and Nevis Debt Exchange Offer
BASSETERRE, ST. KITTS, MARCH 7TH 2012(CUOPM) – The St. Kitts and Nevis Creditors’ Committee announced Wednesday (7th March 2012) that its Members intend to participate in the St. Kitts and Nevis Debt Exchange Offer.
A statement issue from Port of Spain, Trinidad said members include: Sagicor Life Inc.,Trinidad & Tobago Unit Trust Corporation, First Citizens Investment Services Limited, Clico International Life Insurance Limited ? St. Lucia Branch (Under Judicial Management), among others.
BroadSpan Capital LLC is acting as financial advisor to the Committee in this transaction.
On February 27, the Government of St. Kitts and Nevis issued a press release outlining the terms of the exchange, which will involve new US dollar and EC dollar?denominated bonds in exchange for a substantial portion of outstanding external and domestic debt owed by the Government, the Nevis Island Administration and other state?owned enterprises.
The exchange offer is described in detail in an Offering Memorandum dated February 27, 2012.
The Committee said its decision to participate in the exchange comes after extensive discussions with the Government and careful analysis of its current financial situation and the proposed terms, the first of which were presented to creditors on August 15, 2011.
“The exchange terms represent an improvement over the indicative scenarios posted in August and contain key elements previously communicated to the Government as necessary for a successful restructuring,” said Keston Howell of Sagicor Asset Management(Trinidad & Tobago) Limited, the Committee’s Chairman.
The expiration date of the Debt Exchange Offer is March 14, 2012.