Jul 2018 Financial News

Trinidad Cement Limited - Notice of Loan Agreements

Jul 27, 2018

Trinidad Cement Limited (“TCL”) (TTSE: TCL) announced today that, on July 24, 2018, pursuant to authorization by its Board of Directors, it entered into:

1.  A loan agreement with Citibank (Trinidad and Tobago) Limited as lender for aprincipal amount of TT$110,000,000.00 (the “Citibank Loan”), and
2.  A loan agreement with First Citizens Bank Limited as lender for an aggregate principal amount of up to TT$210,000,000.00 (the “First Citizens Loan” and together with the “Citibank Loan”, the “Loans”).

The proceeds from the Loans will be used for general corporate purposes, including but not limited to, working capital needs and financing of capital expenditure, as well as prepayment of the April 26, 2017 loan agreement for a principal sum of TT$245,000,000.00 entered into by TCL with First Citizens Bank Limited acting as Agent and the financial institutions listed as lenders therein, as amended.

The key terms of the Citibank Loan are:

1.  Term loan for a principal sum of TT$110,000,000.00.
2.  The term of the Citibank Loan is 3 years.
3.  The interest rate is 3-Month Open Market Operation rate plus 305 basis points.
4.  The Citibank Loan is guaranteed by CEMEX, S.A.B. de C.V.

The key terms of the First Citizens Loan are:

1.  Term loan tranche for a principal sum of TT$90,000,000.00 and revolving loan tranche for a principal sum of up to TT$120,000,000.00.
2.  The term of the First Citizens Loan is 3 years.
3.  The interest rate is 3-Month Open Market Operation rate plus 305 basis points.
4.  The First Citizens Loan is guaranteed by CEMEX, S.A.B. de C.V.
    

Source:
The Trinidad and Tobago Stock Exchange Limited
Friday July 27, 2018