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20.2 bln Euros of Foreign Law, SOE Bonds to be Included in Swap Deal

Greece said Thursday a further EUR20.2 billion of Greek government bonds will be swapped over as part of its debt restructuring plan and that a deadline to the second leg of the agreement has been extended to April 20.
According to Dow Jones, in a statement, Greece΄s Finance Ministry said that it will complete on April 11 the exchange of Greek foreign-law bonds and bonds issued by state-owned companies and guaranteed by Greece with a total face value of EUR20.2 billion.
The exchange of foreign-law bonds and bonds by state enterprises is the second part of a EUR206 billion debt-restructuring plan, which was largely completed last month. The plan has so far seen an overall participation rate of 97%, representing about EUR199 billion of the total amount, a senior Finance Ministry official said earlier this week.
“The Republic extended the expiration deadline of its tender offer to April 20 for holders of bonds of any series for which the proposed amendments were not passed,” the finance ministry said in a statement.
The deal calls for bondholders to give up 53.5% of the principal of their bonds by swapping them for new ones carrying lower interest rates and longer maturities.
Of the total debt being restructured, EUR177 billion is in government bonds issued under the laws of Greece. All of those bonds are included in the deal.
On top of that, Greece is also hoping to restructure about EUR10 billion worth of bonds issued by state-owned companies and guaranteed by Greece, and EUR18 billion of government bonds issued under the laws of foreign jurisdictions.
(source: Dow Jones)

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