NEW YORK (Reuters) – A group of Suriname’s creditors said on Monday it supported the country’s modified payment deferment proposal of last week, which extended the date for response and modified some of the terms.
The Emerging Markets Traders Association said on Friday that Suriname’s bonds would trade flat, not accounting for interest payments, starting on Monday. The South American country missed a payment deadline extension on Wednesday, and Thursday was a holiday for U.S. markets.
The creditor committee, which includes Franklin Templeton, Eaton Vance, GMO and Greylock Capital, said it “welcomes both the extension and Suriname’s decision to amend the original Consent Solicitations, to incorporate some of the concerns that were expressed to the Government over the course of the past couple of weeks.”
“Members recognize Suriname’s efforts to date to engage with the Committee and noteholders more broadly in transparent and good faith discussions,” the committee’s statement said.
Last week Suriname extended to Dec. 4 the deadline for creditors to respond to its proposal and sweetened the deal by offering to pay interest on the deferred interest payments.
Suriname’s 2023 bond last traded just over 53 cents on the dollar and the 2026 issue at 54 cents. The eurobonds have a total outstanding principal of $675 million.
(Reporting by Rodrigo Campos in New York; Editing by Matthew Lewis)
