Republic of Suriname Announces Successful Results of Consent Solicitation (1)

Republic of Suriname Announces Successful Results of Consent Solicitation (1)

10-12-2020

PARAMARIBO, Suriname, December 7, 2020 -- The Republic of Suriname (the “Republic”) announced today that it has received the Requisite Consents (as defined below) as of 5:00 p.m., New York City time, on December 4, 2020 (the “Expiration Time”), according to Morrow Sodali Ltd., the Information and Tabulation Agent, for its consent solicitations announced on November 13, 2020 (each, a “Consent Solicitation”) relating to its 9.875% Notes due 2023 (the “2023 Notes”) and its 9.25% Notes due 2026 (the “2026 Notes” and, together with the 2026 Notes, the “Notes”).

Following acceptance of the Requisite Consents, the Republic has executed a second supplemental indenture to the indenture governing the 2023 Notes, a second amended and restated Accounts Agreement relating to the 2023 Notes and a supplemental indenture to the indenture governing the 2026 Notes, effecting the proposed amendments and the waivers approved in the Consent Solicitations and described in the related Consent Solicitation Statement dated as of November 13, 2020, as amended by Amendment No. 1 to each such consent solicitation statement (collectively, the “Consent Solicitation Statements”). The proposed amendments and waivers will not become effective until the Consent Payment (as defined below) has been paid, which is expected to occur on December 7, 2020 or promptly thereafter.

The 2023 Notes were originally issued on December 20, 2019 in an aggregate principal amount of US$125,000,000, and the 2026 Notes were originally issued on October 19, 2016 in an aggregate principal amount of US$550,000,000. As of the date of the Consent Solicitation Statements, US$125,000,000 and US$550,000,000 in aggregate principal amount of the 2023 Notes and the 2026 Notes, respectively, remain outstanding.

The Consent Solicitations expired on the Expiration Time. The Republic expects to pay holders of Notes whose consents were validly delivered and accepted by the Republic (the “Consent Payment”) promptly in accordance with the Consent Solicitation Statements.

The proposed amendments and the waivers required valid consents from holders of more than 75% of the outstanding principal amount of 2023 Notes and 2026 Notes with respect to the proposed amendments and the reserve matter waiver and 50% of the outstanding principal amount of 2023 Notes and 2026 Notes with respect to the non-reserve matter waivers to become effective (the “Requisite Consents”).

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Republic of Suriname Announces Successful Results of Consent Solicitation