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Suriname successfully concludes consent solicitations for two series
Chicago, April 13 – The Republic of Suriname has received enough noteholder consents in its consent solicitations regarding its $125 million of 9 7/8% notes due Dec. 30, 2023 (Cusips: 86886PAB8, P68788AB7) and its $550 million of 9¼% notes due Oct. 26, 2026 (Cusips: 86886PAA0, P68788AA9).
The consent solicitations expired at 5 p.m. ET on April 12, according to a press release. The consent solicitations were previously set to expire at 5 p.m. ET on April 8, having previously been pushed out from 5 p.m. ET on March 29.
Suriname received consents from noteholders representing 87.2% of the 9 7/8% noteholders and 93.05% of the 9¼% bonds.
Details
Only holders of record as of 5 p.m. ET on March 16 were entitled to vote.
The company will pay holders a consent fee equal to $0.50 for each $1,000 principal amount of notes for which consents are delivered and accepted.
The proposed amendments would only become effective only if consents from holders of at least 75% of the outstanding principal amount of 2023 and 2026 notes have been delivered and accepted. A concurrently sought waiver will become effective only if consents from 50% of noteholders are delivered and accepted. In addition, the amendments to each series of notes will only become effective if the amendments proposed to the other series also become effective.
White & Case LLP and Lazard Freres are acting as the republic’s legal and financial advisers, respectively.
Morrow Sodali Ltd. (+44 20 8089 3287, 203 609-4910, +852 2158 8405; suriname@investor.morrowsodali.com; https://bonds.morrowsodali.com/surinameconsent) is the information and tabulation agent for the consent solicitation.
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