JIS News

The Government has announced that it has amended the Final Settlement Date for the Jamaica Debt Exchange (JDX) Offer to Wednesday (February 24), to complete processing of Old Note interest payments and finalise processes for issuing New Notes through the Bank of Jamaica.
A release from the Ministry of Finance and the Public Service on Monday (February 15) stated:
The Government of Jamaica hereby announces an amendment of the Final Settlement Date of the Jamaica Debt Exchange Offer as described in the Information Memorandum dated January 14, 2010. The Final Settlement Date will be amended to Wednesday the 24th of February, 2010.
The JDX has been highly successful with a participation rate of over 97%, including substantially full participation from institutional investors and a strong response among retail investors.
The Government of Jamaica has amended the Final Settlement Date of the transaction to complete processing of the Old Note interest payments and to finalise the processes for the issuance of the New Notes in the Central Securities Depository of the Bank of Jamaica (“CSD”), as described in the press release dated February 3, 2010.
The Government notes that the Expiration Date was extended to February 3, 2010 from its original date of January, 26, 2010, presenting the Government of Jamaica with a shortened settlement period which is now extended by the same amount.
Normal interest payments on submitted Old Notes will continue to February 24, 2010, the Final Settlement Date.
As described in the Information Memorandum, if there is a payment date in respect of interest on an Old Note during the period between the Expiration Date and the Final Settlement, the holder of record of the relevant Old Note on that date will receive the applicable accrued interest due from and including the previous payment date, up to and excluding the relevant interest payment date.
The Government of Jamaica apologises for any inconvenience that may be caused by this extension.