Barbados Government and External Creditors Announce Agreement
The BU intelligentsia has been following the external debt restructure talks with a keen interest. A press release issued late last week confirmed that a deal was reached by the Government of Barbados and the Barbados External Creditor Committee. A good news story.
Unfortunately the press release does not list the finer details of the agreement. We hope the final agreement is completed without event so that the country can settle down to the enormous task ahead.
Here is the press release.
Barbados Agrees On Terms With External Creditor Committee For Restructuring Of U.S. Dollar-Denominated Commercial Debt
The Government of Barbados (the “Government”) and the Barbados
External Creditor Committee (the “Committee”) jointly announced today
that they have reached an agreement in principle to exchange certain of
the Government’s U.S. dollar-denominated debt for new bonds to be
issued by Barbados. This includes Barbados’ 7.8% Fixed Rate Bonds due
2019, 7.25% Notes due 2021, 7.00% Notes due 2022, 6.625% Notes due
2035, and Floating Rate Loan with final maturity in 2019 (together, the
“Eligible Debt”).
The agreement in principle follows extensive discussions between the
Committee and the Government. These discussions have included a
number of meetings between senior governmental officials and
representatives from the four core members of the Committee, which
includes Eaton Vance Management, Greylock Capital Management, LLC,
Teachers Advisors, LLC, and Guyana Bank for Trade and Industry
Limited. Two of the meetings were attended by Prime Minister and
Minister of Finance, the Hon. Mia Amor Mottley.
In reaching an agreement with the Government, the Committee
considered information made public by the Government regarding the
country’s current financial and economic situation. The Committee also
considered the International Monetary Fund’s program and first review of
Barbados.
The agreement in principle includes a reduction of 26.3% in the aggregate
sum of the original principal amount of the debt obligations and past due
and accrued interest as of 1 October 2019.
In addition, the new bonds will have the following key terms:
• A final maturity of 1 October 2029;
• Five year grace period on repayments of original principal;
• A debt management provision through October 2024;
• Equal semi-annual principal amortisations commencing in April
2025 through the remaining term of the bonds;
• A fixed annual coupon of 6.500%;
• A “natural disaster clause” that, subject to certain conditions and
input from holders of the new bonds, will enable the Government
to capitalise interest and defer principal maturities due on the new
bonds for two years in the event that Barbados is adversely affected
by an earthquake, tropical cyclone or rainfall event under its
Caribbean Catastrophe Risk Insurance Facility Segregated
Portfolio Company insurance coverage; and
• A clause providing for the reinstatement of forgiven principal and
past due and accrued interest upon the occurrence of a payment
event of default prior to the successful completion of the ongoing
International Monetary Fund program.
The amount of past due and accrued interest as of 1 October 2019 that is not to be cancelled will be treated as follows:
• US$7.5 million to be paid in cash at closing to holders participating
in the exchange (subject to the deduction of the Committee’s
unreimbursed costs and expenses below);
• US$32.5 million paid in the form of PDI bonds with a fixed annual
coupon of 6.500%, with an amortization of US$30.0 million in
October 2020, and a final maturity of February 2021; and
• Balance to be capitalised into the new bonds that will mature in
October 2029.
The Committee’s unreimbursed costs and expenses incurred in
connection with the negotiation and implementation of the restructuring
transaction (US$3 million) will be deducted from the cash payment made
by the Government at closing in relation to past due and accrued interest,
so that these costs and expenses are borne equally and fairly among all
holders.
It is anticipated that the new bonds due 2029 will be issued with an aggregate face value in excess of US$500 million. These bonds have been
structured with eligibility for J.P. Morgan Emerging Market Bond Index
(EMBI) inclusion in mind.
The Government expects to launch a parallel exchange offer for certain
U.S. dollar-denominated instruments issued under Barbados law in the
coming weeks, effectively completing the comprehensive restructuring of
the country’s high debt burden, which included the successful closing of
the B$11.9 billion (equivalent to US$5.95 billion) domestic debt
exchange offer in November 2018.
The agreement in principle reached by the parties, and the support of the
members of the Committee for the proposed restructuring, is conditional
on the parties reaching agreement on mutually satisfactory documentation
setting out the detailed terms of the transaction and the new bonds. The
Government and the Committee have agreed to commence work
immediately on, and to work in good faith with their respective advisers
to reach agreement on, mutually acceptable documentation and the
implementation of the proposed transaction. The Government and
Committee members have also agreed to maintain an ongoing dialogue
on economic and financial developments in Barbados following the
conclusion of the proposed transaction which may include a provision of
the new bonds to facilitate bondholder organization and good faith
interaction with Barbados.
The Committee organized in early June 2018 and currently represents
more than half of the Government’s Eligible Debt.
The Government plans to launch the invitations to holders in the coming
weeks to participate in the restructuring.
This communication is not an offer or a solicitation of offers to exchange any securities. The invitations are being made solely by the relevant invitation memoranda that will be distributed in due course. The distribution of materials relating to the invitations, and the transactions contemplated by the invitations, may be restricted by law in certain jurisdictions. If materials relating to the invitations come into your possession, you are required by the Government of Barbados to inform yourself of and to observe all of these restrictions. The materials relating to the invitations do not constitute, and may not be used in connection with, an offer or solicitation in any place where such exchange offers or solicitations are not permitted by law. The new bonds have not been and will not be registered under the U.S. Securities Act of 1933, as amended (the “Securities Act”), or the securities laws of any other jurisdiction. The new bonds will be offered in the United States only to qualified institutional buyers pursuant to Rule 144A under the Securities Act and to persons outside the United States in compliance with Regulation S under the Securities Act.
503 responses to “Barbados Government and External Creditors Announce Agreement”
NorthernObserver
@HA
A circular discussion. Best to end before we end up with 15 goal posts on a single playing field.
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William Skinner
@ John A
We are failing to accept the cultural changes taking place . For example we talk about energy savings while we build houses that don’t utilize our natural environment. I read that companies selling air conditioner units are basically out of stock.
Twenty five years ago air condition units were mainly for commercial buildings. Now a day they are in ordinary residential homes.
We are now in the fantasy of hocus pocus economics and planning.
Do you really expect the new monied class to not mimic their former masa and try to imitate him? Why do you think we went and buy up all the old plantation houses? You forget that a calypsonian once said he wanted a plantation at any cost?
The SUV and high powered trucks are status symbols. When last did you see a politician in a nice tailored shirt jack? Don’t you see them buttoned up in their poorly tailored suits?
Don’t you see our ladies in extravagant scarfs and lavish mock hair?
Get wid the program Bro’ !
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Mariposa
So what is the final result for country in this agreement
With certainty more revolving debt as markets flutters and hard decisions which would affect small nations economies resort to more outside financial support to stave off the negative impact
A question which will resonate with govt going forward
How will the Chinese make a difference in buying some of our loans in a negative occurence
Back to u.John A
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John A
@ William
As I said above it will be an exercise in politics and the earning of brownie points nothing more. We all know that so like you I expect nothing else from it.
Unless someone like the UWI economic group break down the data, the true figures will never be known. To expect Atherley and his clan To do it is asking a bit much, after all they have missed so many opportunities to enlighten the people why should Tuesday be any different.
What I would of liked to of seen was a debate where the true cost was shared with the public. Not to prove that we now owe more in real terms, but to take the opportunity to explain to them why we are on the austerity path and why further taxation may well be necessary.
I know it is wishful thinking and that information will never be shared in that forum, but i still believe somebody needs to come clean with us. I mean how many of the public understand how a bond is priced for example and how that price is tied to yield?
We always brag we have a well educated people, why then turn around and treat them like children, while at the same time asking them for your support?
As for the opposition signing on and the other 1 man band,did you honestly expect any different?
I will ask you one question, do you think if Tom Adams or Barrow were on the opposition bench the same would happen, or do you think they would break the numbers down like meat for a pepperpot?
I like many support the restructuring and am grateful for the breathing room, all I am saying is we as a people deserve the full truth and not pie in the sky statements.
You keep repeating the mistake, we are being treated as we deserve.
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John A
@David
You know something you have said this before and I have disagreed, but sadly I now have to agree with you 100 percent. We accept mediocrity and demand no more, so yes you are correct we get what we deserve!
Even an optimist like me knows when it’s time to throw in the towel of hope.
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William Skinner
@ John A
Barrow and Tom Adams, Barrow to a larger extent are directly responsible for the type of politician we have today. They were brilliant communicators and had their followers eating out of their hands. That same culture prevails today.
As for being well educated; I prefer to to say we were well schooled.
I remember a few years back it was all about “ going with Owen” Before that it was “ keep Dipper Skipper”.
It’s like a cult and we see the thing emerging over and over.
Public discourse was hijacked by party sycophants a long time ago. This is presently Barbados Labour Party and Democratic Labour Party country.
As for the political lottery winner Atherley , he gets $150 000 per year. He could have paid an independent analyst to brief and prepare him with a response.
After all he’s going to pick up $150000 per year for at least five years. Quite frankly in real money terms he is getting more money than anybody else in parliament when we look at the amount of votes he has compared with all the votes of the other 29.
Use and abuse of statistics. LOL
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John A
@ William.
Lol I was just going to say I going have to watch you too as you becoming a numeric masseur
too it seems!
But yes I agree with you Atherley could of paid PWC or one of them to run a spreadsheet on the numbers, then again what percentage of the electorate would really care?
What this blogmaster has observed over the years is the ease with which men and women of letters have taken a political position. The paramountcy of the political party overrides everything sensible. We see it on this daily on this blog. Although this behaviour is not exclusive to Barbados the degree to which it has penetrated beggars belief.
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John A
Then again if we had a press worth the salt they would of paid for the said spreadsheet and published it. Wait hold on I forget I in Bim not Ameruka.
Minister in the Ministry of Finance Ryan Straughn is reported to have said
“Considering that we have been saving over a billion dollars PER YEAR on a debt,
Persaud is reported to have said,
“With Government now reaching a deal with external creditors, the country is expected to save around $1 billion over the next FOUR to FIVE years.
Are they both correct and I missed read or failed to understand ?
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Miller
@ John A October 26, 2019 1:36 PM
“But yes I agree with you Atherley could of paid PWC or one of them to run a spreadsheet on the numbers, then again what percentage of the electorate would really care?”
++++++++++++++++++++++++++++++++++++++++++++++++++++++
Why put ‘easy’ money in PWC’s pocketbook or any of the professionally-compromised? Who would rely on any of them after the CLICO scandal?
Doesn’t he have Scott Weatherhead in his party to do that kind of financial analysis using a ‘professional’ version of the Excel spreadsheet app?
On the other hand, this politically-compromised Leader of the Opposition (LoO) hiding behind a dog collar of financial naïveté can demand that the Minister of Finance put before the House the documents supporting the $ 1 billion in savings calculations.
This demand from the LoO can be done in the national interest and public concern in light of the current administration’s professed commitment to transparency and integrity (the BLP’s equivalence to the previous DLP’s mantra of “good governance”).
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John A
@ Miller.
You know if we appoint a audit house to do the spreadsheet and the truth come out they will say that audit house is a Dems one! Lol
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John A
@Hants
The smoke and mirror performance has started. The first claim was grossly absurd, the second reduced claim was simply absurd. I therefore await further corrected claims between now and Tuesday seeing that rocks have been unturned .
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WURA-WAR-on-U
Miller…we both know they are making it up as they go along and lying simultaneously, their version of multitasking, so don’t look for accurate figures..
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WURA-WAR-on-U
““With Government now reaching a deal with external creditors, the country is expected to save around $1 billion over the next FOUR to FIVE years.”
and they seem to be reading from very different scripts..
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John A
Fellows stop and think of what Persaud said and the time frame he and Straugn spoke to and pause for thought!
Persaud chose his words carefully by saying at the end of 5 years. WhY did he speak to 5 years and not the 10 year life of the bond? Why would someone speak to the saving half through a bond and avoid speaking to the position at the end of the bond?
Well the answer is quite simple, to speak to the half term cost does not take in the interests cost at the end of the bond or the increased bond value due to the higher price of the bond. So it could be possible at 4 years to gain a billion and then still end up losing 100 million at maturity when the debt must be settled.
For Instance you buy a house from me for a million and half way through the million dollar mortgage you claim you only paid half million for the house. Are you lying or are you deliberating neglecting to mention the full term liability? On the bright side at least the propaganda network drop from 1 billion overnight to 1 billion in 4 to 5 years, so we at least moving in the right direction! LOL
Lord have mercy let the games begin!
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Walter Blackman
WURA-WAR-on-U
October 21, 2019 1:39 PM
“KNOWLEDGE WILL ALWAYS BE POWER”
WURA-WAR-on-U,
No it will not.
I will give you a simple example.
Minister Chris Sinckler, forever burdened by the size of his head being inversely proportional to the size of his brain, decided to use NIS funds and the Central Bank’s ability to print money as ways to fund government’s fiscal deficits.
His policy was sure to destroy the economy of Barbados and wreck the lives of its inhabitants. It was based on ignorance, but he had the power.
I knew better. I understood the destructive ramifications of his actions. I knew there were much, much better alternatives that could have been pursued, but I was powerless.
Therefore, it is the APPLICATION of knowledge that is power, not knowledge itself.
The “square pegs in round holes” epidemic in Barbados ensures that our collective knowledge is inefficiently applied. I predict that this epidemic will continue to choke, rather than grow, the Barbadian economy.
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Piece the Legend
I dont care what you say!
Your syllogistic reasoning IS EXACTLY LIKE WALTER’S.
You stopped repeating the comment of the party whose comment you were referring to BUT, such is your style not to let a comment fall without referencing it, you dont let that blog rest for another blogger to comment!
Dem train us that way, to see “signatures” where there is nothing visible to lesser mortals.
A sort of virtual metre.
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WURA-WAR-on-U
“It was based on ignorance, but he had the power.”
really Walter…you insult us by telling us, actually gushing at us that SInkler had some kinda KNOWLEDGE…….which you should know comes from within and not learned BY ROTE in some book written by some professor or some such…
me thinks we are talking about two very DIFFERENT types of KNOWLEDGE here…
the only knowledge Sinkler had is that he could get clean away with his shite, or so he thought, they NEVER EXPECTED the electorate to RETALIATE…so, so much for knowledge right,
… just like all the other ministers from DBLP…outside of that, they are all just puppets with small island power following a script prepared for them decades ago…but in which they deviated to enrich themselves and their felllow thieves….the knowledge they have is that they could not THEN BE STOPPED…
which has nothing at all to do with REAL KNOWLEDGE..or they would not ALL now be EMBROILED IN SO MUCH SHITE…some of which you and others on BU know nothing about….except for Donville’s drama.
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WURA-WAR-on-U
What am patiently waiting for is that they all be SHOWN …both DBLP is that small island power is NO POWER AT ALL.
notice i separated the two…the one has nothing to do with the other…or vice versa.
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John A
So the problem then was Chris head was too big or just he had a standard head but the brain was too small?
Reminds me of the man that cuss the doctor for calling him overweight. He told the doc “No I am short for my weight. If instead of being 5ft I was 6ft 4 at 240lbs I would be the perfect weight. It’s not my fault my mother had short children. Doc you should be treating me for my height not my weight.”😂
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Walter Blackman
WARU, Can you cite a phrase or sentence from anything I wrote which suggested that Chris had the knowledge and that he applied it? My disagreement with your original statement still remains unchanged.
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Walter Blackman
John A, Chris’ head was extremely big. Figuratively speaking, of course.
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WURA-WAR-on-U
Walter…I could swear, despite you saying what he did is based on IGNORANCE, that Sinkler was TRAINED IN FINANCE…..and at one time if i remember worked with IMF or some such organization….so if he is trained in FINANCE…..he HAD KNOWLEDGE OF FINANCE….so how much help was that…YOU TELL ME…
YOU said he had the POWER…but his power was only LIMITED TO WHAT HE COULD tief him and his buddies…AND GET AWAY WITH…
the KNOWLEDGE IS POWER that myself and others speak about cannot be REGURGITATED FROM A BOOK…anyone can be a tief, anyone can abuse power, it is nothing special, maybe that is why it is so PREVALENT..throughout the Caribbean, it is so COMMON.
hope that helps..
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WURA-WAR-on-U
At least someone is still listening to their conferences, i can no longer stomach to even hear their shite anymore…and it just proves my point about the useless knowledge and even less useful powers they possess.
Walter, don’t give them any cop out excuses re IGNORANCE…, they know well Enuff what they do, it is deliberate, conniving and calculating…and not knowing fractions and decimals is no excuse either…
You are certainly on to something here. Keep probing.
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Mariposa
Took thirty secs of my time to watch Mia tell the blp audience that Depezia.Atherley and Phillips were no match for her because she has bigger muscles broader shoulders than all three combined
Now if that is not deserving of a What de fkk moment then dont know what is
Now David what yuh think of that
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Walter Blackman
WARU, I give up.
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WURA-WAR-on-U
Don’t confuse REAL knowledge and power with what the PRETENDERS in parliament believe they can continue selling, even to the still unaware who are slowly waking up…remember DLP made the same 60 year old mistake with the people of St. John and they were the most vulnerable on the island…..until they tossed their asses out of parliament…
i will bet my last dollar that someone who never went to univeristy has more ancestral knowledge and power than the horses asses in the parliament…..all they got going for them right now is the toxic, blighted status quo and that is not a lot….if no one is buying any of it.
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Donna
So David and John A waited until I was absent to carry on my kind of conversation. Unless we the people examine ourselves and face up to reality we will never be able to fix what ails us. We need an awakening as to our present reality. If I were a serious political leader I would have already organised grassroots community workers to go into communities and have small group discussions with the people and programmes to stimulate thinking that would lead to a paradigm shift in the way we look at life, finances and success. Then we would take steps like an Alcoholics Anonymous programme to replace bad habits with good ones. Members would have buddies to whom they would be accountable and because communities would be doing it together that would reduce the need to outdo the neighbour with conspicuous consumption.
If we are addicted to materialism and conspicuous consumption we have first to recognize our addiction, acknowledge it publicly and enter a programme as addicts do.
No amount of lectures from on high are going to do it. Especially if we perceive that those lecturing from on high are the biggest addicts. So much so that they have to steal from us to support their habit.
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WURA-WAR-on-U
Donna..that is why i am warning Walter because many may not remember but I DO…that as far back as 2005, under BLP and coming FORWARD to 2008 DLP they were ALLL WARNED by various rating agencies, IMF, various financial experts to CUT BACK ON SPENDING etc…BLP ignored them, DLP ignored who they did not CUSS…and went right ahead with their bloated cabinets and big spending…
Imagine they PAID TAXPAYERS MONEY for the advice from these agencies …and then cussed who advised them because it was not what they wanted to hear with their big heads and arrogant useless titled asses….and that was when they were not being given the advice FREELY…
so that is why am telling Walter do not give any of them any cop outs…even if they could not read and write…they had the options AND OUTSIDE HELP to do the right things by the economy, by the majority population without whom their trifling asses could not even make it into the parliament…AND THEY ALL REFUSED.
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WURA-WAR-on-U
That is what happens when CORRUPTION IS MORE IMPORTANT…and their only priority..
bloated cabinets to justify tiefing/siphoning off and funneling taxpayers money to family, friends and hangerson via high paying jobs they are mostly never qualified for, recently it’s taxpayer funded entities being funnelled to ministers…..useless yardfowls to drop crumbs to…BRIBERS to facilitate robbing both the treasury and pension fund…bigging up criminal minorities and enriching them so they can lord it over the majority populatioin..these criminals ALL HAVE A LOT TO PAY FOR…alot…
….so does Walter think they had any time to LISTEN to those 14 year old WARNINGS from agencies and financial experts…..what is happening now is Mia took up taxpayers money and paying millions and millions to a gaggle of consultants to do what they should have all done sin consultants and were advised to do since 2005…but it is causing extreme poverty because of their NEGLECT in starting the cutting back, way back then.
a never ending cycle of stupidity that after decades has brought the island to its knees by degreed fools and sunk the vulnerable who trust and believe in these parasites into never ending poverty.
and then have the nerve to believe the majority population should just fall in line after ALL THE CRIMES these demons and their criminal friends committed against them.
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WURA-WAR-on-U
They continue to have the nerve for all types of things…except the NERVE TO LOCK UP EACH OTHER..
A good comment. Our leaders need to win hearts and minds from bottom up. Unfortunately this is hard work, not glamorous at all.
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WURA-WAR-on-U
What is very disturbing, these pretend leaders are well aware of the 15 second attention spans and SHORT MEMORIES of the bajan populi……FOR DECADES and know well Enuff how they got that way….
..if ya have a short attention span and even SHORTER MEMORY……ya CANNOT DISSENT…
what will ya remember to dissent about…
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WURA-WAR-on-U
Did the fowls on BU bother to tell the blog about the big write up in the Nationnews that says because of the recent SALE OF SEWELL AIR SERVICES…remember i asked the fowls if it was sold to the Goddards Group and not a fella replied……..well that SALE WILL LEAVE SCORES OF EMPLOYEES OUT OF WORK….ha!!!
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Miller
@ Walter Blackman:
We are getting rather confusing messages on this White Oak debt restructuring money saving deal to justify its lottery payout.
So how much is Barbados really saving from the rolling of the overseas debt dice or on the pull of the foreign-owned fruit machines?
It is only Bds $1 billion as figured out here by some BU bloggers or is it Bds $1.2 billion per year over the next 5 years as propagandized by MAM at the annual red flag powwow?
Is she mixing up the foreign limes with the local lemons?
We doubt very much the fifth columnist hiding behind a dog collar in opposition possesses the requisite fortitude in finance to make a name for himself out of tomorrow’s sitting of the house of liars.
Maybe you could brief your mate Caswell so he could put on a good show of defiance if the matter (being just a resolution for ‘lower’ debate) ever reaches the upper room full of rubber-stamping robots painted all red.
You heard MAM made a passionate point that she told the external debt holders they were paid handsomely every time the Barbados credit rating was slipped?
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Walter Blackman
The press release at the top of this article from the Ministry of Finance said the new 10-year bond of the restructured debt will have ” A fixed ANNUAL coupon of 6.500%;”
Today’s Nation is saying that the new 10-year bond would be issued “at an interest rate of 6.5% per cent payable SEMI-ANNUALLY..”
Finance is an exact science. One of these pronouncements is wrong, and one of them would seriously mislead any individual who is relying on it to make a decision.
Such sloppiness in financial reporting has no place in Barbados at this point in time.
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John A
Also remember at no time did MAM or the other 2 mention the face value of the bonds as of September 30 th 2019!
Don’t worry if they come with foolishness tomorrow like the proclamations ranging from saving a billion overnight to saving 1billion after 5 years, we going have the fine tooth comb ready for them! Let us see if they will come clean or try a smoke and mirrors. Also let’s see if the opposition worth the $150000.
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John A
Personally I was hoping they would avoid these games, but as I said earlier in this conversation it will be smoke and mirrors with all kind of numbers being thrown around. Don’t however expect to here a detailed list of the bonds restructured and the face value of each bond prior to the restructuring. That information will be kept well guarded.
Anyhow I leave them tomorrow to prove me wrong.
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Walter Blackman
“Miller
October 28, 2019 8:50 PM
“@ Walter Blackman:
We are getting rather confusing messages on this White Oak debt restructuring money saving deal to justify its lottery payout.
So how much is Barbados really saving from the rolling of the overseas debt…….?
It is only Bds $1 billion as figured out here by some BU bloggers or is it Bds $1.2 billion per year over the next 5 years……?”
Miller,
Critical information was missing, so no blogger on BU could figure out the amount of the savings from the restructured debt.
As I said before, finance is an exact science.
Any person, in possession of all the needed information, who claims that $1 billion (this is an exact number, not a phrase) has been saved to date, or at any other point in time, must demonstrate how they arrived at that figure.
They have to show the mathematics to back up their claim. Words and phrases simply will not cut it.
We have enough readers on BU to follow their calculations, and verify.
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John A
Reverent please just ask for 3 things fuh ma then sit down!
Face value of bonds at 30.9.19
Old maturity dates of bonds
Old interest rates of above bonds
Then beg somebody there that know little bit bout excel to break it down in a spread sheet showing old cost to maturity and new cost to 2029 showing everything including the new bond values and full cost and other tra la la like the little berry the oak people get and so on.
When wunna done you could donate a little something to the cancer society as my payment.
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Walter Blackman
John A
October 28, 2019 9:35 PM
“Also remember at no time did MAM or the other 2 mention the face value of the bonds as of September 30 th 2019!”
John A,
Your statement is not altogether true.
Remember that Donna provided us with a link to an article in Barbados Today and we got some additional info there. This is what I wrote on October 25, 2019 10:55 AM:
“Donna,
Thanks for the link….
After reading the article produced by Barbados Today and noting the figures given by the Minister of Finance, we are given new information on the debt involved:
150M (bonds due 2021) + 220M (bonds due 2022) + 119M (bonds due 2035) + 225M (credit Suisse) = 714M total*.
* The Minister said that there were a few smaller issuances to the BADMC and the BIDC. No figures given, so we shall exclude them.”
So, after the reading the data provided in the Barbados Today article, we could fill in some spaces left in the press release from the Min of Finance, and come up with the following:
7.8% Fixed Rate Bonds due 2019 ( No more information given)
150 million of 7.25% Notes due 2021
220 million of 7.00% Notes due 2022
119 million of 6.625% Notes due 2035
Floating Rate Loan with final maturity in 2019 (No more information given)
Note also that the article in Barbados Today specifically mentioned a Credit Suisse loan of $225 million. The release from the Ministry of Finance did not mention this at all.
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Walter Blackman
Miller
October 28, 2019 8:50 PM
“@ Walter Blackman:
Maybe you could brief your mate Caswell so he could put on a good show of defiance……”
Miller,
If I were assigned the task of briefing Senator Caswell, here is what I would tell him:
Senator,
Miller is broadcasting on BU that your leader sold his soul for the sole purpose of receiving $150,000 per year for the next 5 years. Miller exudes sheer contempt for your leader, and just a few moments ago, he dismissed him as a “fifth columnist hiding behind a dog (not God) collar in opposition”.
As for you, he hinted that you and the other senators in the upper room are merely “rubber-stamping robots painted all red.”
Obviously, Miller has no intention of voting for your leader or the PdP. Piece uh de cock yeah tight, poor fella, has not figured out this yet, and Miller is dying with laughter.
Nevertheless, my friend, I urge you to soldier on and fight the gallant fight. I know that you will do your best to keep the flame burning brightly ever.
Up and on!
LOL
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WURA-WAR-on-U
This government LIES TOO MUCH…then forget their original lies and feed the public a whole tissue of brand new lies….when the Thomas Cook crash came…..either Dale Whistleblower or that clown Symmonds JUMPED OUT and declared that it will not impact Barbados, now that they have sold Sewell Air Services to the Goddard’s Group in SECRET…but the secret came out…….. they are MALICIOUSLY tying the Thomas Cook collapse to the Sewell employees they are WILLFULLY PUTTING ON THE BREADLINE…and bringing all kind of electioneering gimmicks to blind their fowls and the weakest minds on the island with their shite…
thinking they are safe in the knowledge that no one remembered, and they are right most people don’t remember although it happened WITHIN THE LAST 4 – 6 WEEKS.
just another useless, parasitic government trying to cover every base, now we hear there will be two hotels not one built at Sam Lord’s but we are yet to hear why worked was stopped on the ONE THAT WAS STARTED….dangerous liars in government keeping information from the public to suit their DECEITFUL NARRATIVE.
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NorthernObserver
WURA-WAR-on-UOctober 28, 2019 11:59 AM
SAS was sold, and it was in the news reported by VOB sometime ago
“Goddard Enterprises Limited is acquiring the operations and assets of ground handling company, Seawell Air Services.
Chief Executive Officer and Managing Director, Anthony Ali confirmed to Starcom Network News in an exclusive interview, that the deal will take effect from November 1, 2019.
Seawell Air Services which manages operations for some international airlines at the Grantley Adams International Airport is owned by the Massy Group of Companies.”
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NorthernObserver
FYI Massy owned SAS since I think 2014. It is not a recent acquisition by Massy.
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WURA-WAR-on-U
NO…no one ever knows who owns what at any given time in Barbados when it comes to business…., hard to keep up when they change hands so often…it is an ongoing concern, so no one bothers to keep up, but for some reason both governments ALWAYS have their dirty hands..and too often the PEOPLE’S MONEY… in these sales for one reason or another….remember the Apes HIll scam…
They may want to start staying out of these conversations when things like the Thomas Cook crash happen, stop using these events as PROPS to lie to the populi and definitely STOP putting public funds into these local parasitic private companies….where their friends and business partners sit on the boards or in the executive chairs..
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