May 2015 Financial News

Trinidad Cement Limited - Notice to Shareholders

May 14, 2015

DEBT REFINANCIING – CHANGES IN CREDIT ARRANGEMENTS

In previous publications in March 2015, Trinidad Cement Limited (“TCL”/”the Company”) advised of the terms of its debt restructuring, which became effective from March 30, 2015 (“the Effective Date”). A term of the debt restructuring provided TCL the ability to prepay originally secured and unsecured debt on a discounted basis within 90 days of the Effective Date 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.

In order to take advantage of the maximum amount of the prepayment discounts above, the Company sought bridge loan financing to prepay its secured and unsecured debt on or before May 14, 2015. On May 11, 2015, the Board of Directors of TCL approved the various refinancing agreements and passed resolutions approving (inter alia):

i. The terms and conditions outlined therein;

ii. The engagement of arrangers for long-term financing to repay the bridge loan.

The refinancing agreements were fully executed on and became effective from May 12, 2015 and the existing debt is expected to be prepaid by May 14, 2015. The key terms of the refinancing are as follows:

a. TCL, as borrower, entered into a bridge loan credit agreement with Credit Suisse AG, Cayman Islands Branch, Citibank N.A. International Banking Facility and Citibank (Trinidad and Tobago) Limited, as initial lenders.

b. The loan amount is the sum of US$245 million.

c. The term of the bridge loan is 9 months.

d. The interest rate is LIBOR + 6.25%, with quarterly increments of 1%.

CHANGE TO EXECUTIVE MANAGEMENT

Further to the publication which appeared in the press from Saturday, April 25, 2015 advising of changes to TCL’s executive management, the Company hereby advises of the appointment of Mr. Juan Mendoza to the position of Group Procurement Manager, effective May 11, 2015. This appointment is made pursuant to the Technical and Managerial Services Agreement between the Company and CEMEX, S.A.B. de C.V. dated April 23, 2015.

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
Thursday May 14, 2015