The transaction which is aimed at restructuring Ghana’s Eurobonds, he said, has received overwhelming participation and support from bondholders, achieving a pivotal milestone for Ghana’s economic recovery program.
Ghana launched the invitation on 5 September 2024, inviting Eligible Holders of its Eurobonds to tender their Existing Notes for either or a combination of two menus of New Notes of the Republic, and to consent to, or vote in favour of extraordinary resolutions enabling, inter alia, the mandatory exchange of Existing Notes that are not exchanged pursuant to the Exchange Offer for New Notes and, in respect of the 2015 WB-Guaranteed Notes only, the amendment of the 2015 WB-Guaranteed Notes and the terms of the World Bank Guarantee so as to permit acceleration and termination of the World Bank Guarantee and the making of the World Bank Payment.
Following the expiration of the Early Consent Deadline on 20 September 2024 and the subsequent Expiration Deadline for the Invitation on 30 September 2024, the Minister said, Eligible Holders representing approximately 98.6 percent of the Recognised Principal Amount of Existing Notes across all series participated in the Invitation by tendering their Existing Notes pursuant to the Exchange Offer.
In connection with the Consent Solicitation, earlier today Thursday October 4, holders of Non-Aggregated Codex Alimentarius Commission (CAC) Notes, consisting of the 2013 Notes, 2014 Notes and the 2015 WB-Guaranteed Notes, held noteholder meetings where the proposed Extraordinary Resolution for each series was passed with representation levels of 92.4 percent, 97.4 percent and 98.7 percent of the aggregate principal amount outstanding, respectively; at each meeting, 100 percent of the votes cast were in favour of the respective Extraordinary Resolution. Meanwhile, for the Aggregated CAC Notes, consents from holders exceeded 98.7 percent of the aggregate principal amount outstanding, with consents substantially exceeding 50 percent for each Aggregated CAC Note.