Oct 2018 Financial News

Sagicor Financial Corporation Limited - Notice of Material Change

Oct 25, 2018

On September 7, 2018 the Government of Barbados (GoB) entered into a Staff-Level Agreement with the International Monetary Fund (IMF) to provide financial and technical assistance. As part of the programme, the GoB launched a Debt Exchange Offer for GoB Domestic Barbados dollar debt holders on September 7, 2018. The GoB announced on October 15, 2018 that its Exchange Offer received unanimous support from the domestic creditors. A restructuring plan has not yet been announced for the External US dollar denominated debt.

The Sagicor Group holds approximately US $333 million in GoB debt, of which US $297 million is domestic Barbados-dollar denominated debt.

The Sagicor Group has estimated the net impact of the credit events on GoB debt to shareholders at approximately US $30 million, as at June 30, 2018 based on information available at that time. We are in the process of revising our estimates based on the completed Exchange Offer and the revised impact will be reflected in our Q3, 2018 results, due to be published on November 14, 2018.

Source:
The Trinidad and Tobago Stock Exchange Limited
Thursday 25 October, 2018