Apr 2015 Financial News

TCL - Execution of Debt Restructuring Agreements

Apr 01, 2015

DEBT RESTRUCTURING – CHANGES IN CREDIT ARRANGEMENTS

Further to the publication which appeared in the press from Friday March 27, 2015, Trinidad Cement Limited (TCL) hereby advises that all agreements in relation to its Debt Restructuring exercise have been fully executed and are in force with effect from March 30, 2015.

The main elements of the Debt Restructuring Agreements include:

1. Reduction of the interest rate on the outstanding debt by a percentage equivalent to the Additional Margin (currently 2%), the amount by which the interest rate increased when the Override Agreement became effective;
2. Forgiveness of the default moratorium interest from September 30, 2014 upon the implementation of the Amendment to the Override Agreement;
3. Adjustment to the amortizations of the debts based on TCL’s new cash flow projections;
4. The ability to prepay originally secured and unsecured debt on a discounted basis within 90 days of the effectiveness of the restructuring agreements as follows:
   
   a. Originally secured debt (excluding Arawak Cement Company Limited’s (ACCL’s) originally secured debt) – 5%;
   b. Originally unsecured debt (including ACCL’s originally secured debt) – 20% during the first 45 days and 10% during the following 45-day period.

This Notice is published pursuant to Section 64(1)(b) of the Trinidad and Tobago Securities Act, 2012

Source:
The Trinidad and Tobago Stock Exchange Limited
Wednesday April 1, 2015