Oct 2014 Financial News

Agostini's Limited – Completion of Debt Refinancing

Oct 06, 2014

Agostini’s Limited, a leading trading and distribution Group in Trinidad and Tobago is please to announce that its debt portfolio was successfully refinanced on October 2, 2014.

The new financing of TT$275,000,000 (two hundred and seventy five million dollars) was provided by Scotiabank Trinidad and Tobago Limited. It comprises a TT$170,000,000 (one hundred and seventy million dollars) seven-year fixed rate facility and TT$105,000,000 (one hundred and five million dollars) in working capital. The seven-year debt is being repaid on a ten-year amortisation, with a bullet payment at end of year seven.

Existing debt of TT$184,000,000 (one hundred and eight four million dollars) will be repaid from this facility, with the balance being utilised for investment in the Company’s local and regional distribution businesses.

The refinancing is expected to reduce the Company’s borrowing costs in 2015 by TT$5,000,000 (five million dollars).

The new facilities are being secured by several debentures over the assets of the Company and its subsidiaries.

This notice is being published in accordance with Section 64 of the Securities Act 2012.

Rajesh Rajkumarsingh
Company Secretary
Agostini’s Limited
October 3, 2014

Source:
The Trinidad and Tobago Stock Exchange Limited
Monday October 6, 2014