Grenada adds warrants to bond restructuring

April 10, 2015 3:44 PM

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NEW YORK, April 10 (IFR) - Grenada took an innovative approach this week as it reached a restructuring deal with bond creditors that includes a two-phase haircut and special warrants related to the tiny Caribbean island's citizenship-by-investment programme.

The deal, which covers some US$262m of international and local bonds on which the island defaulted in early 2013, ends lengthy negotiations with creditors, who will take a 50% loss on the face value of their holdings.

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