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.
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503 responses to “Barbados Government and External Creditors Announce Agreement”
Piece the Legend
Is it possible for any of you financial gurus to clarify all these financial policies and creditor agreements in terms of this dreaded word that Walter (THB) has thrown out there?
DEVALUATION!
Is there a link and if so, how so?
I would ask Walter THB but he may not respond to me, though I dont know why.
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Walter Blackman
John A
October 22, 2019 1:02 PM
“The next chapter is the effect on things like the NIS etc. These issues and the Oppenheimer portfolio are too important to all of us when it comes to the future of the NIS to try and sweep under the rug.
Hal Austin
October 22, 2019 1:30 PM
“In July 2010, in my then column in the Nation, I warned that Barbados was running a huge risk with the NIS and suggested that the triennial actuarial reports were not enough of a risk analysis..”
Dullard
October 22, 2019 1:03 PM
“And to think that before all this the NIS was practically insolvent.
What is the financial state now?
It will be a grim time for future pensioners.”
All,
As a pension actuary, I am burdened with a sense of responsibility to the public that others are not saddled with.
To all Barbadians, between ages 60-67, I urge you to continue to work and contribute to the NIS if you are able to do so. Rushing out of fear and concern to apply for and start receiving an early NIS pension will put the NIS under more stress, and will create more problems for all of us.
Civil servants who walk around puffing up their chests and boasting “I have in my 33 1/3”, please be warned that the 33 1/3 years you have put in do not create cash dollars to pay your pensions every month. The payment of your pensions depends and relies on government’s cash flow position.
No sensible Barbadian should want to see the collapse of the NIS. Once the NIS collapses, it cannot be restarted. Every intelligent Barbadian must hope that government’s financial position shows steady and consistent improvement as time goes by so that our retired civil servants can live out their retirement years away from the clutches and ravages of abject poverty.
Enough said.
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Hal Austin
@ Walter
@John A
@Vincent
Plse forgive me, but have I missed a trick? Has the prime minister addressed the nation on the agreement in principle? If so, I missed it; if not, why then has she gone off to Puerto Rico delivering a so-called keynote address when the nation is in such serious economic trouble. The woman is amazing.
As I have said before, she is mesmerised by applause, by the deference of her fans, by hearing her own voice, by believing her own PR.
Policy-making is more difficult, it means playing with the figures, thinking through ideas; I get the impression, and I maybe wrong, that she suffers from ADHD, she must be at the centre of events.
In the meantime, the nation suffers.
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John A
@ Walter
@Hal
@ Vincent.
Guys do any of you know as of last month end if there is any NIS site we can go on and get an asset report with breakdown on the Oppenheimer portfolio?
I would bet money that their portfolio was encouraged by Sinkler to include a sizeable amount of the said paper caught up in the restructuring.
Walter do have a field roughly for what we are talking here dollar wise?
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John A
Feel not field sorry
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Charles Skeete
Not qualified so keeping out of the discussion but Vincent’s comment caught my attention and I ask
” worse than BERT in what way” and if you do not have the requisite information
How then can you draw a conclusion
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NorthernObserver
@VC
“There has never been a local nor international market for GoB paper/bonds. They were traded privately when emergencies for liquidity arose. And these occasions were very few. The value was simply discounted by an interest factor plus broker fees.”
“Of course going forward we will see the real impact or absence thereof of the Strategic Default. The latter may or may not be a game changer.”
In settling an estate back in late 2011, which I would qualify as an “emergency for liquidity”, I [executor(s)] were tasked with liquidating an amount of GoB paper/bonds. I only wish the value was as you stated. Ever tried finding a buyer? NIS, Banks, CBB, large corporations, wealthy persons, brokers etc etc All I will say, is the discount finally offered (2013) was well in excess of “discounted by an interest factor plus broker fees” and as such, am unsure how one can ever gauge the true effect of the SD. To assume the “market”, however small it may be, were not factoring in elevated risk is not empirically accurate.
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Enuff
Hal
You come across as very hateful or jealous of Mia Mottley. I am sure the lady is addressing the nation Saturday on the foreign debt restructure and more. You must google before you comment on current affairs.
It saddens me to hear of your experience in off loading GOB debentures /treasury notes in 2011 -2013. I personally would have purchased them without the 20/20 hind sight. Up until then GOB securities were low-risk investments.
Your broker obviously was inexperienced.
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William Skinner
@ Hal
Always remember that ” a nod or a blink is the same thing to a blind mule.“
Your position on a failed state becomes more ominous by the minute.
You, John A and Walter , with your contributions on this matter are in my opinion providing a highly needed and respected public service.
You have chosen to kick the dry shit and it now smells worse than when it was fresh. The stench is now exposed and the smells are enveloping myths and hocus pocus economics.
To this day the apologists believe there is a magic wand. They were told up front that this is an fifteen year grind and they will see the real results in 2033. Yet in their pathetic ignorance they are already declaring victory . For them the victory is o’er and the battle is won.
The decadent Duopoly has always fooled them and promised them heaven and earth and all they ever get are lay offs and price increases .
Citizens like you are hard to find in this brainwashed political desert.
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John A
@ Northern
Thanks for the website info will take a read .
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Vincent Codrington
@ Charles Skeete.
You should know me better than most BU Household members. I do not jump to conclusions. Hence the need to get all the relevant information. BERT was particularly deficient in providing the information on which disruptive economic decisions were made.
The information in the Debt Restructuring communique is inadequate and prevents meaningful analyses and commentary from being made by those who guard their professional reputations jealously.
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Hal Austin
@ William
Thanks. A good discussion even if the key players are remaining silent. Where is the minister of finance? Where is Professor Persaud? Where is the DLP economics spokesman? Has public discourse come to a halt?
@ Enuff
You come across as very hateful or jealous of Mia Mottley. I am sure the lady is addressing the nation Saturday …
Don’t be silly. Do you know what hate means? As to addressing the nation on Saturday, I think you should stop Googlng. This is an urgent priority, the nation is in the last chance saloon, is this not a priority, or eight days after the event is good enough? Is this what you say to the all-whit meetings which you chair?
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Vincent Codrington
The fundamental problem for some members in the BU household is that we all do not come with open minds ready and willing to debate issues . Far too many come with agenda. I will not be able to please all.
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John A
@ William.
Thanks for the kind words they are appreciated. Better be careful you don’t get accused of associating with the enemy! Lol
And to delay all this money into the next elections to vote her back so she can finish paying,? Vote them all pout all the money we need is held by these same crooks in Offshore accounts, those are the accounts that need holding and taking, not the People all the crooks in Office, start with Mia family then Richard, Owen, COW, Sandra, and many other crooks lawyers, holding stolen money VAT and other taxes, unpaid!
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William Skinner
@ John A
I have never been afraid of little boys wearing long pants.
A reminder to everyone that others are reading, it is useful to avoid language that suggest it is a close discussion between a few like minded commenters. Who the cap fit may wear it.
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Walter Blackman
Hal Austin
October 22, 2019 5:19 PM
” A good discussion even if the key players are remaining silent. Where is the minister of finance? Where is Professor Persaud? Where is the DLP economics spokesman? Has public discourse come to a halt?”
Hal Austin,
Let us give credit where credit is due.
We are indeed fortunate to have the contributions of Piece uh de cock, who is representing the PdP.
LOL
Murdah! Oh shirt!
Bush Tea resurrected.
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Mariposa
Murdah! Oh shirt!
Bush Tea resurrected
Best sound bite of the day
Oh sh.iit
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John A
@ David.
I would like to say that this by far was one of the most important topics you have posted for a while. The consquences of the foreign debt restructuring must be discussed in a manner all understand. It must be free of yardfowlism and based solely on facts and data. The effect it will have on the NIS for example, we must further explore in the days to come along with many other related issues such as the urgent need to increase our FX earning capacity.
I was also very impressed at how the bloggers today for the most part, stayed away from the Bs did this and the Ds did that. Hopefully we can have more discussions of this type going forward, where issues can be ventilated based on facts and free of party loyalties.
It was indeed a pleasure chatting today with all of wunna! 😊
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Mariposa
Why does Mia have to be at every cock fight
Can she see or understand that the country needs her at home
She is becoming like an absentee parent who left the children at home to be raised by the TV
Mia seems not to understand her role as PM is to be on call at a time when the people are looking for solutions
I understand her travel bill now exceeds ten thousand dollars enough money to feed five or six squatters families
Mia fuh God sake stay out of other people yard
Home drumb beat first
As commented earlier let us wait for her review on the matter promised soon.
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William Skinner
John A
@ John A
Kool aid will never match a well made glass of mauby or good old fashioned lemonade and don’t even mention a nice cool drink of swank. No wonder then that the cool aid drinkers disappeared. Once quality turns up cool aid disappears.
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John A
@ William.
You too bad! Lol
Well let us now await what the PM has to say on it in her address. I believe she will more speak to the need for doing it though, than go deep into the numbers, which to be fair to her she has every right to focus on. She can leave the numbers to those in the ministry of finance to come and layout if they feel like so doing afterwards.
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Mariposa
A stable country revolts
Enough is Enough
SANTIAGO – Thousands of Chileans poured into Santiago’s central squares Monday to protest high living costs after a weekend of looting, arson and clashes with security forces killed 11 people and prompted President Sebastian Pinera to declare the country “at war” with vandals.
Buses and metro networks were partially restored for people to return to work but many opted instead to join the biggest demonstrations in years in what is normally one of Latin America’s most stable countries.
The crisis was sparked by protests over a hike in public transport fares but reflects simmering anger over intense economic inequality in Chile, as well as costly health, education and pension systems seen by many as inadequate.
Banging drums and pans, blowing whistles and many waving signs calling for Pinera’s ouster, the largely youthful and peaceful crowd filled Santiago’s Plaza Italia and overflowed into surrounding streets, watched from the sidelines by soldiers and police and hovered over by helicopters.
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William Skinner
@ John A
In all fairness to the PM she is doing what PMs do. Prime Ministers look at policy and politics. That is a given.
You recall when Stuart and Company were being criticized, the cool aid drinkers on that side were very arrogant and impatient with everybody.
It’s very pathetic that nowadays you can’t even attempt to question Mottley and Company without being branded an enemy of the state or non Barbadian.
The long lasting effects of the consumption of cool aid.
Drink Swank, drink mauby , drink ginger beer . Leave the damn cool aid alone people.
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Piece the Legend
@ Walter (tHB)
There are some topics that are deathly serious and which I understand that the Stoopid Cartoons ARE NOT APPROPRIATE
Even as I address you in this specific arena, I have refrained from expanding the THB acronym because what you are doing here IS OF SERVICE TO A COUNTRY WHICH I LOVE.
your problem is that EVEN WHILE YOU ARE CONTRIBUTING TO THIS TOPIC OF NATIONAL IMPORTANCE you still got de ole man in your vindictive memories because you have associated me, AND RIGHTFULLY SO, with the destruction of your political career.
You are bitter AND I UNDERSTAND WHY, but, IF YOU ARE A TRUE PATRIOT, you will appreciate that your aspirations had to die so that the Third Party Movement, of which the PDP is the most active, MUST BE BORN!
HAD YOU LISTENED to de ole man, you would have shifted from Fumbles Incompetents long ago.
But you are as stubborn now as you were26 years ago.
Keep up the good actuarial advice to the nation
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Mariposa
IMF Staff Mission Concludes Visit to Chile
June 19, 2019
An International Monetary Fund (IMF) staff team led by Mr. Luca Antonio Ricci visited Santiago during June 5-12, 2019 to discuss recent economic and policy developments. The IMF mission met with government officials, private sector representatives and academics during its stay. At the conclusion of the visit, Mr. Ricci issued the following statement:
“Economic activity has decelerated, partly owing to a temporary weather-related decline in mining.
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Vincent Codrington
@ Mariposa at8 ?44 PM
If that report is true then we have a new/old source for “decelerated economic activity.” It reminds one of the theory of sun spots reducing Agricultural output in the 18th cebtury.There is certainly “nothing new under the sun”.
Exogenous activity is what it is, a small open economy will have to negotiate the challenges. It is what it is.
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Piece the Legend
@ Dullard
I like you bad, bad!
In distilling this matter of valuation of the junk sovereign bonds heheheheh You said and I quote
“…Then I would filter on the characteristics of the issuing entity to see how similar iit is to Bim eg size of popn, financial structure, ability to raise taxes etc. I’d select those. Take the median. This would be my starting point.
Then tack on various risk premia especially the Persaud premium to account for the reverse midas touch….”
De ole man heah pissing me pants
” especially the Persaud Premium to account for THE REVERSE MIDAS TOUCH…”
Man, you see gurus like you and The Sage Miller?
De two uh wunna is Wordsmiths Extraordinaire!
Wunna does give Language Classes?
I want to come!
De ole man, bereft as I am of wunna oratory skills, would have said something like, ” dat man is a RH blight”
Lesser mortals here have called him a “snake oil salesman” and similar deprecatory remarks (I get dat big word “deprecatory” from my friend Walter and cause I ent too bright, I using it every chance i get)
Though i also am learning from Mr Vincent Codrington “and will be guided accordingly”
Just goes to show you how class CANNOT BE TRANSFERED BY ASSOCIATION, de ole man like an ole dog dat too old to learn new tricks!
The Reverse Midas Touch! Heheheheh
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Mariposa
Present govt promised that when NSRL was removed that prices will go down instead every RH thing has gone up
Overheard a consumer saying she paid 30.00dollars for a gallon of orange juice and we have measly mout poochlickers applauding govt as doing a good job after all the promises made to the people and none delivered
That new agreement is another piece of the puzzle that gonna stick a hot metal pipe into the people a.rres by way of taxes
Wunna RH people who supporting this unmitigated destruction of poor people need RH drowning fuh trute
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TheOGazerts
Again, thanks to many of the contributors for sharing their wisdom.
It is sad when a one-trick and one verse pony wanders onto the track and tries to put all the ideas of a person into a single column.
Sadly the columns are label B and D.
It is a form of intimidation and a warning. Contributors, I wish you well.
Have a great day, Barbados.
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William Skinner
@ TheOGazerts
We often accuse the political class of failing leadership. However some of us when given the opportunity to lead tend to behave just like the political class. The reason that BU has found itself in this position of Bees and Dees , is a direct result of the powers that be refusing to see the big picture when it comes to public discourse.
There must be standards of engagement but I have read some contributions on BU that should have been censored because there is nothing in proper discourse that suggests one has to go into the gutter to win a point.
Alarmingly , The same contributors whose behavior ,was to put it mildly unfit for publication ,found the highest reverence and proper discourse, for others whom they consider to be their intellectual equals. I therefore realized when all the fancy anti-society talk was over, they still wanted to be considered intellectual elites and therefore reserved the proper manners they pretended that they did not have for a select few.
You will note that a promise to revamp the organ never materialized because there is a danger in exposing blatant ignorance and hypocrisy when there is structure.
Fortunately, there are a few contributors who have given great service to BU and were able to fly above hypocrisy , pretended intellectual elitism and basic bad manners.
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Vincent Codrington
@ David at 12:36 AM
You may have missed it; but most bloggers are concerned about the endogenous responses to those external factors. The our responses are variables over which we have control.
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John A
@ William.
I read once that the English language has more than an adequate collection of words to discuss any topic. Those that go into the gutter show us 2 things. One they are basically illiterate and two they know that and are insecure.
Let us therefore always remember that and avoid being dragged Into the gutter by such persons at all cost.
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Walter Blackman
John A
October 22, 2019 3:10 PM
Guys do any of you know as of last month end if there is any NIS site we can go on and get an asset report with breakdown on the Oppenheimer portfolio?
I would bet money that their portfolio was encouraged by Sinkler to include a sizeable amount of the said paper caught up in the restructuring.
Walter do have a (feel) roughly for what we are talking here dollar wise?
John A,
No.
Maybe I need to have a closer and much more meaningful relationship with our NIS.
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WURA-WAR-on-U
Me thinks everything is BECOMING UNGLUED…lol
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John A
@ Walter.
I agree with you for sure, or next thing they may move the retirement age to 80 and i might get my first pension cheque and death benefit cheque in the same envelope! Lol
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John A
@ David.
Sometime we need to look next at what the 2 debt restructuring mean to us in term of our state assets and the NIS.
In other words what in real terms is our NIS portfolio really worth when one takes into account the discounted paper and overpriced buildings it owns, like the Grotto that cost as much per square foot to build as some west coast homes.
After all it is us that will have to refinance the fund so we could as well start bracing for it and take our head out the sand from now!
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Vincent Codrington
@ John A at 11:05 AM
You may brace yourself as tightly as possible . When one cannot pay;one cannot pay. So we need to stop the rot at the earliest opportunity. That is now.
That is why we need to stop playing these( bad word)games and lay out the facts so that we who think we can help may do so.
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John A
@ Vincent.
My friend I could not agree with you more. The problem is the data we need to get at is better protected than Colonel Sanders Chicken Recipe!
We know the NIS is up a creek, we do not have to wait for the overdue actuarial report to be made public. All the analysis will not change the state, we are capable of extrapolating.
@William
Will say this: BU is a reflection of our society. In order to heal thyself the illness and warts must be exposed.
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NorthernObserver
@JohnA
the NIS has been discussed ad nauseam on BU. While you now add the impact of recent restructurings, an annual report has not been delivered since circa 2006. Not even a report without the financials. The same NIS webpage I directed you to, once had a section for Annual Reports, which disappeared in a website upgrade a few years back. Apart from triannual Actuarial Audits, which have been tardy, and a pet peeve of WB, since successive Boards have opted for external audit firms.
We know from these audits, the NIS was a prime source of ‘home grown financing’. The Blogmaster had several exchanges on other social media with the former Chair, who claimed the Board was tackling the reporting challenges. The new administration of the GoB in May 2018, appointed a new Board, which interestingly bore a strong resemblance to the former Board. That message is usually they wish no change, or whatever knowledge exists, it is best to ‘keep a lid on it’.
When one appreciates that a little company like GEL, with operations in 35+ countries, in at least 7 currencies, and they can produce financial reports on a timely quarterly and annual basis, one realizes it is not a lack of accounting talent available on the island, causing the vacuum in reporting.
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William Skinner
How could any responsible government take up $27 million dollars and lend one of the richest men on the island while our national stadium is in ruins?
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Dame Bajans
Very good discussion so far gentlemen.
I have learnt a lot. Lorenzo and Enuff showed their heads and ran away. If you(Barbados) have to repay $64 million US next year in loans and interest, Mia will need a very, very large gathering. If the same amount or half that is due in 2021, she will need a gathering every year until 2033.
Thanks for the enlightenment.
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Hal Austin
@ William
Was the loan to this so-called ‘rich’ man collateralised? Who negotiated on behalf of the NIS? Are they public servants? If so, are they still employed? Why did the NIS not demand a place on the board? Was there a lien on the property? Has t been sold, and if so what has happened to the NIS debt? Where are our media? Has this matter been raised in parliament?
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WURA-WAR-on-U
“How could any responsible government take up $27 million dollars and lend one of the richest men on the island while our national stadium is in ruins?”
it was hundreds of millions of dollars more than that, over decades…and then got the damn nerve to be up in UK bigging up this dying tIefing criminal POS…for bringing in polo horses with cocaine in their bellies..
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