Grenada secures additional Debt Reduction

St. George’s, Grenada, 17th November, 2017: The Government of Grenada announced today that creditors holding its US$ and EC$ Bonds due 2030 have cancelled a further 30% of the nominal amount outstanding under these instruments. This additional principal write-off of US$58 million for the two bond combined—or 5% of Grenada’s Gross Domestic Product (GDP)— completes the 50% principal reduction agreed as part of the country’s commercial debt exchange in November 2015. As per the terms and conditions of the US$ and EC$ bonds due 2030, the additional debt write-off announced today was triggered by Grenada’s successful completion, in May 2017, […]