Jun 2012 Financial News

TCL Group Announces Completion of Comprehensive Re-profiling

Jun 22, 2012

Trinidad Cement Limited (TTSE: TCL) and its subsidiaries (together the “TCL Group” or “TCL”) announced that it has completed the re-profiling of the majority of the Company’s outstanding debt. The re-profiling plan extends the maturities of approximately TT$1.95 billion in secured and unsecured obligations with more than 30 regional and international financial institutions and bondholders, providing for a quarterly amortisation schedule starting March 30, 2012, with a final maturity of December 30, 2018. Final documentation has been signed and all conditions precedent have been satisfied in full.

Key components of the re-profiling plan include:
- A revised maturity schedule running through December 30, 2018;
- A covenant package, including revised financial covenants and a mandatory cash sweep prepayment mechanism;
- A security package comprised of selected additional security over the stock and assets in certain subsidiaries, provided to current unsecured as well as current secured creditors;
- The Company intends to meet the amortisation requirements prior to final maturity using funds from a variety of sources, including free cash flow from operations and net cash proceeds from strategic initiatives, as well as capital market transactions.

Rollin Bertrand, Group Chief Executive Officer of the TCL Group noted: “We are pleased with the outcome of the exercise, as it significantly improves our debt maturity profile while providing the Company with greater financial flexibility and allowing us to re-focus on core operations. The Company is grateful for the patience and invested human capital of all stakeholders in completing this process.”

BroadSpan Capital LLC acted as TCL’s exclusive financial advisor in this transation.

Further information is included in TCL’s first quarter Director’s Circular, which is available at www.tclgroup.com


Source:
The Trinidad and Tobago Stock Exchange Limited
Friday June 22, 2012