Deadline for domestic dollar bonds, cocoa bills exchange extended to August 18
Government has made the decision to extend the deadline for the exchange of domestic dollar bonds, signaling a strategic maneuver to accommodate the dynamics of the financial landscape. The new cutoff date for the exchange initiative has been set for Friday, August 18, 2023, superseding the initial date of August 4, 2023.
The extension, as elucidated by official sources, is in direct response to input received from eligible holders, who sought additional time to secure essential internal approvals for their participation. The move demonstrates the government’s responsiveness to the intricacies and practicalities of the financial process.
The primary objective of this exchange endeavor is the facilitation of a substantial volume of bonds, approximating $809 million. The Ministry of Finance, in a formal statement, underscored the need for the extension to ensure that eligible holders can fully engage in the exchange process, equipped with the requisite authorizations.
Marking a consequential pivot, the government’s announcement date is earmarked for approximately August 21, 2023. Following suit, the settlement date is anticipated on August 25, 2023, or at the earliest possible juncture thereafter. The Ministry further illuminated that various facets of the transaction, encompassing the issue date, interest accrual schedules, payment patterns, and amortization schedules for the fresh bonds, will undergo recalibration to accurately mirror the effective settlement date.
COCOBOD Bonds Offer Period Finds Corresponding Extension
Concurrently, CAL Bank issued a distinct communication, disclosing that COCOBOD (Cocoa Board) has elected to extend the offer period for its own debt exchange initiative. With the initial date of August 4, 2023, now revised, the new deadline aligns with August 18, 2023.
The bank’s announcement was emphatic in urging all stakeholders with intentions of participation to diligently submit their applications by 4 pm on August 18, 2023.
Echoing a hallmark of commitment, CAL Bank highlighted that once an offer is tendered, it remains irrevocable and steadfast, except under circumscribed circumstances as delineated in the Exchange Memorandum. This stringent stance underscores the gravity of offers submitted in this financial endeavor.
The statement additionally underscored that all other conditions stipulated in the transaction timetable remain unwavering and unaltered.
