Dec 2018 Financial News

Trinidad Cement Limited - Notice of Credit Arrangements of its subsidiary - Caribbean Cement Company Limited

Dec 04, 2018

Trinidad Cement Limited (TCL) hereby advises that on November 30, 2018, its subsidiary, Caribbean Cement Company Limited (CCCL), pursuant to authorization by its Board of Directors also dated November 30, 2018, entered into a revolving loan facility with National Commercial Bank Jamaica Limited as lender for a principal amount of $3,076,000,000 Jamaican Dollars (the Loan Facility), which will be made available in United States Dollars. The proceeds from the Loan Facility were received by CCL on November 30, 2018 and will be used to pay related party debt denominated in United States Dollars, diversifying the sources of funds for CCCL; throughout its term, the Loan Facility will also be used for general corporate purposes.

The key terms of the Loan Facility are:

1.     Unsecured revolving loan facility for a principal sum of $3,076,000,000 Jamaican dollars

2.     The term is 5 years

3.     The interest rate will be at a fixed rate of 7.45% per annum; and

4.     Jamaica Gypsum and Quarries Limited, a subsidiary of CCCL, has also entered into a Loan Facility


Source:
The Trinidad and Tobago Stock Exchange Limited
Tuesday 04 December, 2018