Apr 2019 Financial News

Trinidad Petroleum Offers Exchange for Bonds Due 2019, 2022

Apr 16, 2019

Trinidad Petroleum Holdings Ltd is offering exchange for all outstanding notes due in 2019 and 2022 for new USD-denominated notes and, if applicable, cash, according to a company statement.

• New senior secured notes with 9.75% coupon would mature 2026
• Trinidad Petroleum conducting consent solicitations from bond holders for amendments that would “eliminate substantially all of the restrictive covenants, certain events of default and release of guarantees upon the sale of certain subsidiaries and other related provisions contained in the Existing Indentures”
• Exchange offer and consent solicitation will expire May 10, unless extension is granted or offer is terminated earlier
• Early tender deadline set for April 26
• Company says it has $850m outstanding on notes due 2019; ~$219m outstanding on notes due 2022
• NOTE: Bonds maturing in 2019 yield 12.71%, according to data compiled by Bloomberg
  • Notes due 2022 yield 7.48%

• NOTE: Trinidad Petroleum was formed when state-owned oil company Petrotrin reorganized