BASSETERRE, St. Kitts – THE Prime Minister of St. Kitts and Nevis, the Right Hon. Denzil L. Douglas, has posited that his Labour Party government’s persistence and dedication were the determining factors in its creditors’ acceptance of the proposed debt exchange offer.
The PM made this announcement approximately one week ago and yesterday (Mar. 13) explained that much effort, coupled with the country’s reputation and professional management of its business, played an undeniable role in receipt of the offer.
“This is where my earlier reference to hard work and dedication comes in, because my government always knew that the fact that government makes a debt exchange offer does not automatically mean that that offer will be accepted.
“We have always known that our reputation, our competence, the professionalism with which we have managed this country’s affairs and the extent to which we were willing and able to undertake the hard work needed to guarantee success, would be key determinants in whether or not we were successful with this offer.”
The offer – which expires today (Mar. 14) – takes the form of New Discount Bonds and New Par Bonds; the first of which matures in 20 years and the latter in 45 years.
Dr. Douglas reminded of the composition of the St. Kitts-Nevis Creditors Committee which is chaired by Sagicor Asset Management (Trinidad and Tobago Limited) with the financial advisor being BroadSpan Capital LLC.
The committee includes First Citizens Investment Limited, CLICO International Life Insurance (St. Lucia branch), Trinidad and Tobago United Trust Corporation and Sagicor Life Incorporated,
He said the committee was pellucid in indicating that “their positive decision to accept our exchange offer comes after extensive discussions with the government of St. Kitts and Nevis and after careful analysis of the current financial situation and the proposed terms”.
Dr. Douglas classified the creditors’ acceptance as “great news” especially since “this is neither a simple nor an easy time as far as the global economic landscape is concerned. And I am very pleased that, on behalf of this country which we are blessed to be able to call our own, our government successfully secured this very clear expression of confidence in St. Kitts and Nevis by the financial institutions previously outlined to you”.
